Toll Brothers JV Opens Dallas Luxury Community
The developers broke ground on the project two years ago.
Toll Brothers Apartment Living has officially opened Mirra, a 285-unit luxury community in Frisco, Texas, a Dallas submarket. The firm broke ground on the development two years ago in partnership with Pondmoon Capital USA.
The developer completed the community using funds from a $49.5 million loan originated by Santander Bank in December 2022, according to Yardi Matrix. That note is set to mature next year.
Located at 8320 Church St. within the master-planned Frisco Square community, Mirra is close to Highway 289 and Toyota Stadium. Downtown Dallas is some 28 miles away, while DFW International Airport is 24 miles southwest.
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The five-story community comprises studio, one- and two-bedroom floorplans ranging from 605 to 1,496 square feet. Common-area amenities include a two-story fitness center with yoga and spin studios, swimming pool with lounge seating and firepit, clubroom with entertainment bar and game lounge. The property also has multiple coworking spaces with conference rooms, EV charging stations and a pet spa.
DFW multifamily inventory on the rise
Dallas-Fort Worth has witnessed more than 9,800 units come online across 40 communities, according to Yardi Matrix information. The Dallas North submarket contributed to some 5,370 apartments, representing more than half of the total.
In February, Toll Brothers Apartment Living and Equity Residential completed The Sadie, a 362-unit community in Fort Worth, Texas. The duo started construction on the property in 2022.
Additionally, there are multiple projects that broke ground this year. For example, The NRP Group started work on Meryl Street, a 340-unit development in Anna, Texas. That community will come online next year and comprise 10 residential buildings.
