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Toll Brothers and The Davis Companies Announce Joint Venture for Luxury Student Housing in Orlando

Toll Brothers, a leading luxury home builder in the United States, has partnered with Boston-based real estate firm The Davis Companies to develop Aperture, a 680-bed luxury student housing community near the University of Central Florida (UCF). The project will be financed through a $50 million construction loan facility from TD Bank, N.A., with the equity and debt arranged by Toll Brothers’ in-house Finance Department.

Aperture: A Premier Student Housing Community Near UCF

Aperture will be located at 12727 East Colonial Drive in Orlando, on 8.2 acres close to UCF. The community will consist of 204 rental apartments, featuring state-of-the-art amenities such as a fitness center, e-sports gaming center, computer lounge with printing, content creation studio, LuxerOne Package Locker System, courtyard with cabanas, grills and firepits, and a resort-style pool with sunshelf. Residents will also have access to a private five-minute shuttle to campus and a parking garage with electric vehicle (EV) charging stations.

UCF has the second-largest on-campus enrollment of any public university in the U.S., with nearly 70,000 students enrolled in the 2022-2023 academic year. The university has consistently grown over the past decade, supported by strong population growth in Florida and increased recognition of its academic and athletic programs. UCF is ranked 64th among the “Top Public Universities” and 14th for “Most Innovative Schools” in the nation according to U.S. News & World Report.

Meeting the Growing Demand for High-Quality Student Housing

Toll Brothers Campus Living develops communities that combine modern amenities and strategic community design to fit the needs and lifestyle of students. The company will manage the property’s development, construction, and asset management, as well as handle marketing and leasing in partnership with Davis.

John McCullough, President of Toll Brothers Apartment Living, said, “We are excited to expand our student housing presence in Florida with the development of Aperture near the University of Central Florida. Ideally situated near one of the largest public universities in the country, Aperture will help meet the growing need for high-quality student housing options at UCF. We look forward to welcoming students to this incredible community in the fall of 2025.”

Expanding the Toll Brothers Campus Living Portfolio

Aperture is the second Toll Brothers multifamily project in Florida and joins the growing Toll Brothers Campus Living student housing portfolio nationwide. Previous developments include Lapis at Florida International University (FIU), which opened in 2023, The Yards at Old State at The Pennsylvania State University, which opened in 2020, Canvas at Arizona State University, which opened in 2021 and was sold in 2023, and Terrapin Row at the University of Maryland, which opened in 2016 and was sold in 2017. In 2024, Toll Brothers Campus Living anticipates the opening of The 87 at the University of Notre Dame and Kinetic at the Georgia Institute of Technology.

Investing in the Future of Student Housing

This joint venture between Toll Brothers and The Davis Companies represents the latest project in Davis’ growing student housing portfolio, as colleges and universities seek to meet the demand of increased student populations. Other student housing projects in Davis’ portfolio include The Lex at the University of Kentucky and William at the University of Georgia.

Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers, said, “We are thrilled to launch our eighth development joint venture with Davis, consisting of projects totaling over $625 million in total capitalization located in urban and suburban markets across the U.S. We are also excited to have the support of TD Bank, with whom we have had a multi-faceted relationship for many years.”

As the demand for luxury student housing continues to rise, investors and developers like Toll Brothers and The Davis Companies are well-positioned to capitalize on this growing market, providing high-quality living options for students and valuable investment opportunities for stakeholders.

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