Toll Brothers JV to Develop Dallas Community
Construction will begin this month on the 285-unit luxury property, with completion expected in spring 2025.
Mirra. Image courtesy of Toll Brothers Apartment Living
Toll Brothers is looking to expand its multifamily presence in the growing city of Frisco, Texas, within the Dallas-Fort Worth metropolitan area. The company, along with its joint venture partner, Pondmoon Capital USA, will start construction on the 285-unit Mirra luxury rental property later this month.
According to Toll Brothers, the JV is expecting the first move-ins at Mirra in the fall of 2024, while the community is expected to be fully complete in spring 2025. The project also landed a $49.5 million construction loan from Santander Bank.
The five-story rental community will include a 447-space parking garage, a fitness studio, pool, co-working spaces, clubroom, mail lounge, bike lounge and an outdoor lounge with gaming and barbecue areas. Mirra is located in the heart of Frisco on a nearly three-acre lot at 8320 Church St. near the Dallas North Tollway, a short drive away from the National Videogame Museum and Toyota Stadium.
“In Texas, we have gravitated toward developing urban and suburban infill locations that feature walkability,” Tommy Rhodus, managing director at Toll Brothers Apartment Living, told Multi-Housing News. “Frisco Square offers our residents a vibrant community with a mix of shops, restaurants, and recreational activities.”
Filling out the Frisco multifamily market
While Mirra hasn’t started construction yet, the upcoming community is adjacent to two other projects that Toll Brothers is involved in. The developer first entered the Texas market with Kilby, its 258-unit apartment community that’s also in Frisco. Toll Brothers completed Kilby in February 2021, but is still working on another adjacent community called Remy.
Kilby was the first of many upcoming communities that Toll Brothers already had planned for the Dallas-Fort Worth metro. The developer, along with joint venture partner Equity Residential, broke ground on three luxury multifamily communities in the Dallas-Fort Worth metro in November, including Remy. Toll Brothers also completed a 379-unit community in Plano, Texas, called Ferro, again working with Pondmoon Capital. The developer completed Ferro in November, marking its fourth community in the metro.
