Toll Brothers to invest millions to build 499 apartment units in Phoenix

This parcel of vacant land at Fifth Avenue and Van Buren Street in downtown Phoenix will be home to a 243-unit apartment complex. / By Jim Poulin / Phoenix Business Journal

 

By Angela Gonzales | Phoenix Business Journal

Toll Brothers Inc. is investing $132 million to build 499 apartment units in downtown Phoenix.

While the Horsham, Pennsylvania-based homebuilder (NYSE: TOL) has been constructing single-family homes in metro Phoenix for years, its relatively new apartment living division is making its debut in the Valley.

Plans call for investing $62 million to build 243 units at the northwest corner of Fifth Avenue and Van Buren Street in downtown Phoenix and another $70 million to develop a 256-unit luxury apartment complex at Central Avenue and Thomas Road in midtown Phoenix.

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