Toll Brothers buys in Central Phoenix

Toll Brothers has purchased an 8.2-acre multifamily development site in Phoenix from local full-service investment firm Bayless Investment & Trading Co. for $17.9 million, or about $2.2 million per acre.

The four-parcel site at the northwest corner of Central Avenue and Indian School Road is located along the Valley Metro Light Rail. Toll Brothers plans to develop a 402-unit, four-story luxury apartment project on the site.

David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.

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