Toll Brothers JV to Kick Off Charlotte Project
The developers recently obtained a $57 million construction loan.
A joint venture between Toll Brothers Apartment Living and International Capital will develop The Airedale, a 348-unit luxury multifamily property in Charlotte, N.C.
This marks Toll Brothers’ first development in the state. Earlier last month, the firm opened Mirra, a 285-unit luxury community. The five-story building is in Frisco, Texas.
The partnership obtained a $56.8 million construction loan facility for The Airedale. TD Bank provided the note, while Toll Brother’s in-house team arranged the equity and debt. Toll Brothers Apartment Living will also manage the community.
The project will be taking shape at 13607 Choate Circle, 1 mile from the Rivergate shopping center and 15 miles from the downtown area. The Charlotte Douglas International Airport is some 13 miles north.
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The community is set to comprise seven residential buildings, according to Yardi Matrix. The unit mix will consist of one-, two- and three-bedroom floorplans.
Common-area amenities will include a swimming pool and sun deck with cabanas, an indoor and outdoor fitness center, a pet spa and park, as well as a coworking suite with individual work pods. The community will also have a conference room, clubroom with private dining room and mini market.
More projects coming to metro Charlotte
Charlotte’s development pipeline had 129 projects totaling almost 33,350 units under construction as of July, according to Yardi Matrix information.
At the beginning of the year, The Spectrum Cos. and Heitman broke ground on Spectrum Indian Trail, a 320-unit upscale apartment community in Indian Trail, N.C. The first apartments are scheduled to come online by early 2027.
Additionally, a joint venture of Rockefeller Group, MRP Realty and Asana Partners obtained financing for an office-to-residential conversion project in the area. Dubbed Brooklyn & Church, the development will see the adaptive reuse of the former Duke Energy headquarters in downtown Charlotte.
