Toll Brothers Apartment Living is teaming up with Willton Investment Management on the development of Lumara, a 456-unit luxury community in Phoenix. Multihousingnews.com reports financing for the project includes an $86 million construction loan from Santander Bank N.A. The equity and debt were arranged in-house.
The development team includes Biltform Architecture Group, landscape architect Collaborative V Design Studio Inc. and civil engineer Hubbard Engineering. Lumara is set to come online in early 2025.
Common-area amenities at the 13.5-acre, four-story property will include a swimming pool, rooftop terrace, virtual sport simulator, business conference room, along with 700 parking spaces and EV charging stations.
The property will rise at 25255 N. 19th Ave. in the Deer Valley submarket, not far from the multi-billion Taiwan Semiconductor plant.
Toll Brothers currently owns two completed multifamily assets in the market and four others in various stages of development, Yardi Matrix shows. When completed, the communities will encompass over 2,150 units.