MIAMI, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Toll Brothers, Inc. (NYSE: TOL), the nation’s leading builder of luxury homes, through its Toll Brothers Campus Living® division, and joint venture partner CanAm Capital Partners, are pleased to announce the opening of Lapis in Miami, Florida. The brand-new luxury high-rise apartment community, designed exclusively for college students, spans more than 763,500 square feet, featuring 293 units and 1,086 beds within its 20 stories. Situated on a 1.73-acre site at 795 SW 110th Avenue, Lapis is adjacent to the Modesto A. Maidique Campus of Florida International University (FIU).
Financed with a $103 million construction loan facility from Ocean Bank, construction commenced in July 2021 and first residency was offered for the fall 2023 semester of FIU. Toll Brothers Campus Living is responsible for the development, construction, marketing, and asset management of Lapis.
“We are delighted to welcome residents to our newest luxury student apartment community adjacent to the prestigious FIU in Miami,” said Richard Keyser, Vice President of Acquisition and Development for Toll Brothers Campus Living. “Lapis seamlessly integrates the flexibility of off-campus living with the proximity to the FIU campus. With well-appointed residences and resort-style amenities, Lapis offers students an unparalleled living experience.”
The community was designed by Humphreys & Partners Architects, with interior design by Mary Cook Associates and branding by Streetsense. Lapis offers studio, one-, two-, three-, four-, and five-bedroom luxury rental apartments, allowing students to choose their preferred living arrangements. The community also boasts more than 5,800 square feet of ground-floor retail space, featuring Crema Gourmet Espresso Bar, Brooklyn Dumpling Shop, and Insomnia Cookies.
Lapis provides residents with an array of amenities within its 24,000 square feet of interior and exterior spaces. These include a 2-story state-of-the-art fitness center with outdoor turf area, an expansive deck with a Jumbotron, pool, and grilling areas, as well as private study and meeting rooms on each floor. Additionally, the community offers a computer lounge with complimentary printing services, complimentary coffee and cold brew, valet trash, self-serve package lockers, secured refrigeration for food delivery, a bicycle storage area, an indoor rideshare waiting area, and high-speed community-wide Wi-Fi. Residents also benefit from secured access control, 24-hour on-site security personnel, and a gated parking garage, which includes 8 electric vehicle charging stations.
“Lapis exemplifies the quality and luxury living experience for which the Toll Brothers brand is already well known nationwide, and continues that legacy with our Campus Living division,” said John McCullough, President of Toll Brothers Apartment Living, the multifamily division of Toll Brothers which oversees its Campus Living division. “With exceptional materials, amenities, design, construction, and resident services, Lapis offers the finest living experience for the next generation of scholars at FIU.”
“We are thrilled to witness the successful opening of this impressive asset that sets a new standard in the FIU market,” said John Reid, Director and head of Project Development with CanAm Capital Partners. “Toll Brothers has been an outstanding partner and a pleasure to work with. The level of quality, on-time delivery, and full occupancy at the property proves their ability to deliver for us as a partner and our investors.”
FIU has experienced significant growth, with a nearly 27% increase in enrollment over the past decade. According to the US News & World Report, FIU ranks as the nation's 8th largest public university by enrollment with more than 55,000 students, and lists dozens of FIU programs among the best in the nation. FIU has been named an Emerging Preeminent State Research University and has been designated R1 by the Carnegie Classification of Institutions of Higher Education. Washington Monthly has also ranked FIU among the top 20 public universities contributing to the public good.
Lapis is the first Toll Brothers multifamily project in Florida and joins the growing Toll Brothers Campus Living student housing portfolio nationwide. Previous developments include The Yards at Old State at The Pennsylvania State University, which opened in 2020, Canvas at Arizona State University, which opened in 2021 and was sold in 2023, and Terrapin Row at the University of Maryland, which opened in 2016 and was sold in 2017. In 2024, Toll Brothers Campus Living anticipates the opening of The 87 at the University of Notre Dame and Kinetic at the Georgia Institute of Technology.
For more information about Lapis visit LiveLapis.com.
ABOUT TOLL BROTHERS CAMPUS LIVING®
Toll Brothers Campus Living is the student housing development division of Toll Brothers, Inc., the nation's leading builder of luxury homes. Toll Brothers Campus Living brings the same quality, luxury, and service for which Toll Brothers is known to its exceptional student housing communities in select markets. Toll Brothers Campus Living communities combine the energy of collegiate locations with student-centric services, amenities, and the expertise of America’s Luxury Home Builder® to fit the needs and lifestyle of today’s students to live, thrive, and connect. Toll Brothers Campus Living has developed nearly 1,000 units and more than 3,000 beds nationwide, with more than 1,000 additional units in its development pipeline.
For more information visit TollBrothersApartmentLiving.com/Campus-Living.
ABOUT TOLL BROTHERS
Toll Brothers, Inc., a Fortune 500 Company, is the nation's leading builder of luxury homes. The Company was founded 56 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 over 60 markets 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, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations.
Toll Brothers was named the #1 Home Builder in Fortune magazine’s 2023 survey of the World’s Most Admired Companies®, the eighth year it has been so honored. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com.
Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website (investors.TollBrothers.com).
©2023 Fortune Media IP Limited. All rights reserved. Used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse the products or services of, Toll Brothers.
ABOUT CANAM CAPITAL PARTNERS
CanAm Capital Partners, LLC (“CACP”) is a New York City-based private equity real estate investor, manager, and advisor. An affiliate of CanAm Enterprises, LP, CACP works closely with regional and national developers and owners to provide capital solutions, including joint-venture equity and structured debt products, for qualifying real estate projects across the country. CACP partners with sponsors who have proven results in their area of expertise and the capacity to execute with consistency. CanAm and its affiliates have raised and invested over $3.5 billion on behalf of its international investor base since its founding over three decades ago. For more information visit CanAmCapital.com.
Press Contact:
Andrew L. Gagliano
Toll Brothers Apartment Living
agagliano@tollbrothers.com
(202) 808-2489
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c584564a-24d0-4cd5-babb-b42318eb8a04
Sent by Toll Brothers via Regional Globe Newswire (TOLL-REG)
