A new residential community in Frisco will feature 285 rental units.
Pennsylvania-based Toll Brothers is working with Pondmoon Capital USA, a New York-based investor, to build the Mirra housing project near the Dallas North Tollway.
The development is the latest project Toll Brothers has undertaken in the Frisco Square development south of Main Street. The client has built two residential complexes next to each other.
“As we continue to expand our presence in Texas, we look forward to bringing Mirra to the Dallas-Fort Worth market, another luxury community that will introduce thoughtfully designed and uniquely elevated condo homes for Frisco’s most discerning residents,” said Charles Elliott. President of Toll Brothers Apartment Living said in a statement. “Mirra will provide everything our residents have come to expect from Toll Brothers Apartment Living communities, including exceptional quality, luxury and service that exemplifies the best in Texas hospitality.”
Construction of the Mirra parish on Oglethorpe and Church Streets is due to start next month. These include a fitness center, resort-style pool, co-working spaces, club room, bike lounge, and outdoor lounge with games and barbecues.
The project is being funded with a $49.5 million construction loan from Santander Bank NA
Chicago-based Toll Brothers and Equity Residential recently announced a partnership to build more than 1,000 rental units in North Texas. These projects include a 357-unit rental community in Frisco Square, a 334-unit multifamily development in Dallas and a 362-unit multifamily development in Fort Worth.
Toll Brothers and Pondmoon Capital also built the 379-unit Ferro Apartments in Plano.
And Pondmoon Capital has invested in other housing projects in Lewisville.
“Mirra is a showcase of our continued commitment to the Sun Belt region and solid partnerships with world-class developers like Toll Brothers,” said Patrick Chen, CEO of Pondmoon Capital, in a statement. “We are particularly excited about the Frisco market, which is a center of rapid growth in North Dallas.
“The recent announcement of a new Universal Studios just minutes north of our location is an example of its desirability,” he said. “We look forward to contributing to a premier residential community at Frisco Square.”
Toll Brothers has built several single family homes and condominium communities in North Texas.
The D-FW area is the fastest growing residential market in the country with more than 60,000 units under construction.