Toll Brothers and Canyon Partners Announce Joint Venture for Luxury Rental Community in Mesa, Arizona
Toll Brothers, the nation’s leading builder of luxury homes, has partnered with real estate investment firm Canyon Partners Real Estate to develop Navona, a 400-unit luxury multifamily rental community in Mesa, Arizona. The joint venture has secured a $78 million construction loan from Bank OZK, with Toll Brothers Apartment Living managing the development of Navona.
Navona’s Prime Location
Navona is strategically located adjacent to the SR-24 expansion in Mesa, one of the fastest-growing submarkets in the Phoenix metro area. This prime location offers convenient access to main employment corridors, such as Intel’s Chandler Campus, which is expected to bring 18,000 jobs to the local community. Other major companies like Meta, Amazon, and Apple have also expanded their presence in Phoenix, creating more job opportunities in the surrounding areas. The community is well-positioned to benefit from the 400-acre Phoenix Mesa Gateway terminal expansion, which includes SkyBridge Arizona.
High-End Luxury Apartments and Amenities
The garden-style community will feature 400 rental apartments with various floor plan styles, including one-, two-, and three-bedroom units. Residents will have access to over 800 parking spaces, high-end luxury finishes, and a best-in-class amenity package. Some of the amenities include pickleball courts, a clubhouse, expansive outdoor space, and an entertainment pavilion with a resort-style pool.
Successful Partnerships and Growth
John McCullough, President of Toll Brothers Apartment Living, expressed enthusiasm for the project, stating that Navona is Toll Brothers’ sixth multifamily community development in Arizona. Fred Cooper, Senior Vice President of Finance and Investor Relations for Toll Brothers, shared his excitement for the continued partnership with Canyon Partners, as this marks their fourth joint venture with a total capitalization of nearly $500 million across various markets.
Investment in Multifamily Real Estate
Canyon Partners has been an active provider of debt and equity in multifamily real estate, investing in projects across primary and secondary markets in the United States. Since its inception, Canyon has invested approximately $2.7 billion in debt and equity to capitalize around $13.0 billion of total projects across multifamily investments.
Bank OZK’s Support and Financing
Jason Choulochas, Managing Director of Originations at Bank OZK, expressed the bank’s pleasure in providing construction financing for Toll Brothers and its joint venture partners on another highly desirable project. Choulochas highlighted Navona’s unmatched residential living experience, combining outstanding design, contemporary conveniences, and a vibrant sense of community.
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