Horsham-based Toll Brothers is forming a new joint venture with PGIM Real Estate through its Toll Brothers Apartment Living rental subsidiary to develop a new luxury apartment community in Cambridge, Massachusetts.
The 525-unit The Laurent will have 426 market-rate units and 99 affordable units.
The joint venture has secured a construction loan facility of $142 million for the project. The development, marketing, leasing, and property management will be managed by Toll Brothers Apartment Living.
The Laurent is a 7-story building located on a 5.3-acre site. It will offer luxury indoor amenities such as a resident lounge, co-working space, bar and gaming area, fitness center, pet spa, underground parking, and much more.
Meanwhile the outdoor amenities will include an outdoor saltwater pool with cabanas, outdoor gaming, and grilling, among others.
“As we expand our significant presence in New England into Cambridge, we are excited to join the robust and resilient submarket,” said Charles Elliott, President of Toll Brothers Apartment Living.
“It is great to be partnering again with PGIM Real Estate to develop this exciting 525-unit community, which includes 99 much-needed affordable units in the Cambridge market,” said Fred Cooper, Toll Brothers’ Senior Vice President for Finance, International Development, and Investor Relations.
