Toll Brothers JV to Develop Phoenix-Area Luxury Community
Project financing includes a $78 million construction loan from Bank OZK.
Navona is slated for completion in fall 2024. Image courtesy of Toll Brothers
Toll Brothers Apartment Living has joined forces with Canyon Partners Real Estate once again, this time for the development of Navona, a 400-unit luxury community in Mesa, Ariz. Project financing includes a $78 million construction loan from Bank OZK; both equity and debt were arranged in-house. Completion is expected in the fall of 2024.
Navona marks the joint venture’s fourth project, Toll Brothers Senior Vice President Fred Cooper said in prepared remarks. The partnership’s first Phoenix development was a 323-unit community that came online last year.
Upon delivery, Navona will encompass 12 two- and three-story buildings spread across 19.2 acres. The upscale units will comprise one-, two- and three-bedroom floorplans.
Common-area amenities are set to include a clubhouse, pickleball courts, a swimming pool, as well as an expansive outdoor space. More than 800 parking spaces will be created.
Navona will take shape at 10141 E. Williams Field Road within the Avalon Crossing master-planned community, east of the Legacy Sports Complex. The site is some 7 miles from Arizona State University Polytechnic Campus and the Phoenix-Mesa Gateway Airport. Employers in the market include Intel, Meta, Amazon and Apple.
Currently, Toll Brothers owns two completed projects in the market, with four others in different stages of development. One of the communities, a 403-unit residential property in Phoenix, opened earlier this year.
