Toll Brothers Apartment Living has embarked on its first multifamily community in North Carolina. The national home builder’s rental division is partnering with International Capital on a joint venture to develop The Airedale, a 348-unit luxury multifamily community in Charlotte.
The joint venture has secured a $56.8 million construction loan facility from TD Bank, with the debt and equity arranged by Toll Brothers’ in-house finance department.
“The Airedale represents a milestone for Toll Brothers Apartment Living as we expand into North Carolina and underscores our commitment to delivering exceptional luxury multifamily communities in high-growth markets,” said John McCullough, president of Toll Brothers Apartment Living. “We’re excited to bring a best-in-class living experience to South Charlotte with thoughtfully designed apartment homes and upscale amenities.”
The Airedale, which will feature a mix of one-, two-, and three-bedroom floor plans, will be located in the Steele Creek area of Charlotte, with easy access to major thoroughfares, outdoor recreation, restaurants, and retail.
Unit interiors will offer high-end features and finishes, such as quartz countertops, stainless steel appliances, modular closets, and smart-home technology. Residents also will be able to take advantage of the ample amenities, including a resort-style pool and sun deck with cabanas; an indoor/outdoor fitness center; a pet spa and half-acre pet park; a coworking suite with individual work pods and a conference room; a clubroom with a private dining room; and a grab-and-go market.
The Airedale also marks International Capital’s move into the market as well as its first partnership with Toll Brothers Apartment Living.
“We have been searching for the right partner, location, and timing for our entrance into the Charlotte market and believe The Airedale checks all the boxes,” said Andrew Doster, vice president of investments. “Toll Brothers Apartment Living’s focus on design, quality, and incorporating the local culture into the project will set The Airedale apart in this affluent area of South Charlotte.”
