ARLINGTON, Va.--(BUSINESS WIRE)--EJF Capital LLC (“EJF”) and Toll Brothers Inc. (NYSE: TOL), through its Toll Brothers Apartment Living (“TBAL”) division, today announced the formation of a joint venture to develop Henri (the “Project”), a 313-unit multifamily community in downtown Phoenix, AZ. The 2.32-acre site is in a “Qualified Opportunity Zone” under the Tax Cuts and Jobs Act of 2017 (“TCJA”), which offers investors potential tax benefits to invest into Qualified Opportunity Zones with the aim of spurring economic growth in lower income areas.
The Project, expected to break ground in October 2022, is a joint venture between EJF OpZone Fund I LP and TBAL. Upon completion, the seven-story building will offer a unit mix of studio- through 3-bedroom apartments located in one of the only pre-automotive, walkable neighborhoods in the Phoenix Metropolitan Statistical Area (MSA). Neighboring the famed arts district Roosevelt Row, the Project is surrounded by restaurants, bars, cafes, art galleries, shops, and entertainment venues.
“We’re truly delighted to partner with Toll Brothers on a project with such undeniable economic appeal,” said Asheel Shah, Senior Managing Director and Head of Real Estate Development at EJF. “Phoenix is one of the nation’s fastest-growing metropolitan areas, with a sizeable employment base and a dynamic retail, restaurant, and entertainment hub downtown—yet it has a limited supply of new housing opportunities. Henri is well-positioned to capture that unmet demand.”
Charles Elliott, President of Toll Brothers Apartment Living, said “Downtown Phoenix’s ideal location, proximity to major transportation networks, and demographics all point to a community in growth mode. Henri will fill an important need for multifamily housing in this vibrant and fast-growing area.”