Toll Brothers Opens Downtown Phoenix Property – Multifamily Real Estate News
Haverly. Rendering courtesy of Toll Brothers Apartment Living
Toll Brothers Apartment Living has officially opened its 323-unit community in Phoenix after welcoming its first residents earlier this year. The firm started construction on Haverly in 2020.
The property was designed as a five-story building wrapped around an eight-story structured parking garage. The community offers studio, one- and two-bedroom units that range from 573 to 1,314 square feet. The units were built with private balconies, kitchen islands and smart home tech, while select apartments have double bathroom vanities, soaking tubs and walk-in closets.
The developer’s design called for 12,000 square feet of indoor amenity space, which includes a lobby lounge, package room, fitness center, bike storage and electric vehicle charging stations. As for outdoor amenities, the community has a coffee bar, dog park, pet spa, pool, rooftop lounge, grills, fire pits and courtyard lounges. Residents also have access to a parking garage with 468 spaces.
Located at 31 E. Thomas Road in Phoenix’s Midtown neighborhood, Haverly is roughly 2 miles away from downtown Phoenix and its many restaurant and retail offerings. Residents will have nearby access to the area’s major attractions like the Heard Museum, the Arizona Veterans Memorial Coliseum and Chase Field. The community is also next to the Valley Metro rail stop, making for an easy commute throughout the city.
Phoenix’s fast-growing fundamentals
According to a NorthMarq report examining Phoenix’s multifamily market in the second quarter of the year, the metro is seeing plenty of new construction that should help balance out the high demand for apartments. Vacancy rates hit 5.4 percent for the market, representing a year-over-year increase of 130 in basis points. Even with slower absorption, rents in Phoenix rose 18.6 percent year-over-year to an average asking rent of $1,661.
Toll Brothers is looking to capitalize on the city’s growing fundamentals. Charles Elliott, president of Toll Brothers Apartment Living, said in prepared remarks that the firm also opened Canvas, a student housing community near Arizona State University in Tempe, Ariz. Besides student housing, Toll Brothers began leasing at Callia, another luxury apartment community in Phoenix’s Midtown neighborhood earlier this year. The firm is also working with EJF Capital to build a 313-unit downtown community called Henri.