Toll Brothers Apartment Living® and Principal Real Estate Investors Announce Joint Venture to Develop 300-Unit Rental Community in Saugus, Massachusetts


JV Secures $68 Million Construction Loan from Citizens and Comerica Bank

Saugus Ridge

Saugus Ridge

Saugus Ridge

Saugus Ridge

FORT WASHINGTON, Pa., Oct. 13, 2021 (GLOBE NEWSWIRE) — Toll Brothers, Inc. (NYSE: TOL) (, the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living® rental division, and Principal Real Estate Investors have announced the formation of a new joint venture to develop Atwood, a 300-unit multifamily rental community in Saugus, MA. The project is being financed through a $68 million construction loan facility from Citizens as Lead Administrative Agent, and Comerica Bank. The debt and equity were arranged by Toll Brothers’ in-house Finance Department. Toll Brothers Apartment Living will manage the development, marketing, and property management.

Atwood is located on a 28-acre site in a secluded suburban setting, just 10 miles north of Downtown Boston, adjacent to the vibrant Route 1 retail corridor. There is an abundance of shopping, dining, fitness, and recreation options within a 2-mile radius. Food and convenience options include Trader Joe’s, Stop and Shop, Walmart, Walgreens, and CVS. Dining options include many national chains as well as local establishments. Fitness studios such as Orange Theory Fitness, Title Boxing, VitalCycle and ATCK Fitness complement the 650+ acres of trails in nearby Prankers Pond and Breakheart Reservation.

Atwood will consist of 300 rental apartments, including 225 market-rate and 75 affordable-rate units, in five stories of slab-on-grade, wood-frame construction with surface parking and 25 garage parking space. The apartment units will feature high-end luxury finishes and a best-in-class amenity package, including a state-of-the-art fitness center, resident lounge, mail room, private dining room with chef’s kitchen, indoor climbing wall, art room, sky lounge with outdoor terrace, resort-style pool, outdoor seating and grills & fire pit and outdoor fitness equipment. The project sits atop a hill offering unobstructed views of the Boston skyline.

Charles Elliott, President of Toll Brothers Apartment Living, stated: “Atwood will join multiple successful Toll Brothers Apartment Living projects in the Boston market. We’re excited for the opportunity to continue our growth in the diverse region and Atwood will elevate residential offerings in the market.”

Fred Cooper, Toll Brothers’ Senior Vice President, Finance and Investor Relations, stated: “We look forward to our first venture with Principal Real Estate Investors and the opportunity to again work with lenders Citizens and Comerica to develop Atwood, which consists of 300 units, 25{99e5ead72840db450c44114e1f54205e6f81d8da1a530a91f927dcdcd2cbfc38} of which are much-needed affordable-rate units.”

“We remain very busy in the dynamic metro Boston market. We are currently developing a variety of rental communities. These range from suburban garden-style residences to high-density communities of over 500 units with structured parking in places such as Cambridge, to a new planned 34-story tower in downtown Boston.”

John Carrick, Managing Director for Principal Real Estate Investors, stated: “Atwood meets the characteristics Principal is currently looking for in a real estate development, and we are pleased to combine the local market expertise Toll Brothers possesses with our national real estate capabilities. As our new joint venture partnership gets underway, Principal will provide a strong foundation and continued growth through our experience in the Boston, Class A multifamily development market.”

Please visit for future updates and information regarding the community.

Toll Brothers, Inc., a FORTUNE 500 Company, is the nation’s leading builder of luxury homes. The Company was founded over 50 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, golf course development, smart home technology, and landscape subsidiaries. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations.

2021 marks the 10th year Toll Brothers has been named to FORTUNE magazine’s World’s Most Admired Companies® list. Toll Brothers has also been honored as Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year by Professional Builder magazine. For more information visit

Toll Brothers Apartment Living is the apartment development division of Toll Brothers, Inc. (NYSE: TOL). Toll Brothers Apartment Living is bringing the same quality, value, and service familiar to luxury home buyers throughout the country to upscale rental communities in select markets, including Atlanta, Boston, Dallas, Los Angeles, New York, Philadelphia, Phoenix and Washington, DC. Toll Brothers Apartment Living was ranked 11th largest apartment developer in the U.S. in 2020 by the National Multi-Family Housing Council. The firm has developed more than 8,100 units, has more 5,300 units under management and controls a national pipeline of more than 14,800 units. Toll Brothers Apartment Living communities combine the energy of vibrant locations with unparalleled amenities, resident services, design, and the expertise of the nation’s leading builder of luxury homes. For more information visit

Principal Real Estate Investors manages or sub-advises $96.0 billion in commercial real estate assets (as of June 30, 2021). The firm’s real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate Investors is the dedicated real estate group of Principal Global Investors, a diversified asset management organization and a member of the Principal Financial Group®.

This release contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. One can identify these statements by the fact that they do not relate to matters of a strictly historical or factual nature and generally discuss or relate to future events. These statements contain words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “can,” “could,” “might,” “should,” “likely,” “will,” and other words or phrases of similar meaning. Such statements may include, but are not limited to, information and statements regarding: the impact of Covid-19 on the U.S. economy and our business; expectations regarding interest rates and inflation; the markets in which we operate or may operate; our strategic objectives and priorities; our land acquisition, land development and capital allocation priorities; housing market conditions; demand for our homes; anticipated operating results and guidance; home deliveries; financial resources and condition; changes in revenues; changes in profitability; changes in margins; changes in accounting treatment; cost of revenues, including expected labor and material costs; selling, general, and administrative expenses; interest expense; inventory write-downs; home warranty and construction defect claims; unrecognized tax benefits; anticipated tax refunds; sales paces and prices; effects of home buyer cancellations; growth and expansion; joint ventures in which we are involved; anticipated results from our investments in unconsolidated entities; our ability to acquire or dispose of land and pursue real estate opportunities; our ability to gain approvals and open new communities; our ability to market, construct and sell homes and properties; our ability to deliver homes from backlog; our ability to secure materials and subcontractors; our ability to produce the liquidity and capital necessary to conduct normal business operations or to expand and take advantage of opportunities; and the outcome of legal proceedings, investigations, and claims.

Any or all of the forward-looking statements included in this release are not guarantees of future performance and may turn out to be inaccurate. This can occur as a result of incorrect assumptions or as a consequence of known or unknown risks and uncertainties. The major risks and uncertainties – and assumptions that are made – that affect our business and may cause actual results to differ from these forward-looking statements include, but are not limited to:

  • the effects of the ongoing Covid-19 pandemic, which remain highly uncertain, cannot be predicted and will depend upon future developments, including the duration of the pandemic, the impact of mitigation strategies taken by applicable government authorities, the continued availability and effectiveness of vaccines, adequate testing and therapeutic treatments and the prevalence of widespread immunity to Covid-19;

  • the effect of general economic conditions, including employment rates, housing starts, interest rate levels, availability of financing for home mortgages and strength of the U.S. dollar;

  • market demand for our products, which is related to the strength of the various U.S. business segments and U.S. and international economic conditions;

  • the availability of desirable and reasonably priced land and our ability to control, purchase, hold and develop such land;

  • access to adequate capital on acceptable terms;

  • geographic concentration of our operations;

  • levels of competition;

  • the price and availability of lumber, other raw materials, home components and labor;

  • the effect of U.S. trade policies, including the imposition of tariffs and duties on home building products and retaliatory measures taken by other countries;

  • the effects of weather and the risk of loss from earthquakes, volcanoes, fires, floods, droughts, windstorms, hurricanes, pest infestations and other natural disasters, and the risk of delays, reduced consumer demand, and shortages and price increases in labor or materials associated with such natural disasters;

  • the risk of loss from acts of war, terrorism or outbreaks of contagious diseases, such as Covid-19;

  • federal and state tax policies;

  • transportation costs;

  • the effect of land use, environment and other governmental laws and regulations;

  • legal proceedings or disputes and the adequacy of reserves;

  • risks relating to any unforeseen changes to or effects on liabilities, future capital expenditures, revenues, expenses, earnings, indebtedness, financial condition, losses and future prospects;

  • the effect of potential loss of key management personnel;

  • changes in accounting principles;

  • risks related to unauthorized access to our computer systems, theft of our and our homebuyers’ confidential information or other forms of cyber-attack; and

  • other factors described in “Risk Factors” included in our Annual Report on Form 10-K for the year ended October 31, 2020 and in subsequent filings we make with the Securities and Exchange Commission (“SEC”).

Many of the factors mentioned above or in other reports or public statements made by us will be important in determining our future performance. Consequently, actual results may differ materially from those that might be anticipated from our forward-looking statements.

Forward-looking statements speak only as of the date they are made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise.

For a further discussion of factors that we believe could cause actual results to differ materially from expected and historical results, see the information under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K filed with the SEC and in subsequent reports filed with the SEC. This discussion is provided as permitted by the Private Securities Litigation Reform Act of 1995, and all of our forward-looking statements are expressly qualified in their entirety by the cautionary statements contained or referenced in this section.

Frederick N. Cooper
(215) 938-8312
[email protected]

A photo accompanying this announcement is available at

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