A new Frisco apartment community will bring 285 rental units.
Pennsylvania-based Toll Brothers is teaming up with Pondmoon Capital USA, a New York-based investor, to build the Mirra apartment project near the Dallas North Tollway.
The development is the latest project Toll Brothers has done in the Frisco Square development located just south of Main Street. The builder has constructed two adjacent apartment complexes.
“As we continue expanding our presence in Texas, we look forward to bringing another luxury community to the Dallas-Fort Worth market with Mirra, which will introduce thoughtfully designed and uniquely elevated apartment homes for the most discerning residents in Frisco,” Charles Elliott, president of Toll Brothers Apartment Living, said in a statement. “Mirra will offer everything our residents have come to expect from Toll Brothers Apartment Living communities, including exceptional quality, luxury, and service that exemplifies the very best Texas hospitality.”
Construction is set to start next month on the Mirra community at Oglethorpe and Church streets which will include a fitness center, resort-style pool, co-working spaces, a clubroom, bike lounge and an outdoor lounge with gaming and barbecue spaces.
The project is being financed with a $49.5 million construction loan from Santander Bank N.A.
Toll Brothers and Chicago-based Equity Residential recently announced a partnership to build more than 1,000 rental units in North Texas. Those projects include a 357-unit rental community in Frisco Square, a 334-unit multifamily rental community in Dallas and a 362-unit multifamily apartment project in Fort Worth.
Toll Brothers and Pondmoon Capital also built the 379-unit Ferro apartments in Plano.
And Pondmoon Capital has partnered on other apartment projects in Lewisville.
“Mirra is a showcase of our continued commitment in the Sun Belt region and in solid partnerships with first-class developers like Toll Brothers,” Patrick Chen, CEO of Pondmoon Capital, said in a statement. “We are particularly excited about the Frisco market, which is a center of the rapid growth in North Texas.
“The recent announcement of a new Universal Studios just minutes north of our site is an example of its attractiveness,” he said. “We look forward to contributing to a topnotch residential community at Frisco Square.”
Toll Brothers has built multiple single-family home and apartment communities in North Texas.
The D-FW area is the country’s fastest-growing apartment market with more than 60,000 units under construction.
