WASHINGTON, DC – Toll Brothers, the nation’s leading builder of luxury homes, through its Toll Brothers Apartment Living rental division, and CrossHarbor Capital Partners have announced a new joint venture to develop 113 Potomac, a 501-unit multifamily rental community located at 113 Potomac Ave SW in Washington, DC. The project is being financed through a $162.7 million construction loan facility from Bank OZK. The debt and equity were arranged by Toll Brothers’ in-house Finance Department.
113 Potomac is located in the fast-growing Buzzard Point neighborhood within the Capitol Riverfront Business Improvement District, a dynamic, amenity-rich urban neighborhood along the Anacostia River, just south of Downtown Washington, DC, and a 4-mile drive to Amazon HQ2. As one of the largest entertainment districts in Washington, DC, the Capitol Riverfront is home to Audi Field, the D.C. United soccer stadium, Nationals Park – home to the Washington Nationals – and over 10 acres of parks and activated green spaces. 113 Potomac is within walking distance of the Capitol Riverfront’s 35,000 employees and both the Navy Yard and Waterfront Metro Stations along the WMATA Green Line. Another Toll Brothers rental community, the 595-unit two-building Parc Riverside, is located just north of the Nationals Baseball Stadium, a 5-minute walk from the 113 Potomac site.
113 Potomac is a 501-unit multifamily Opportunity Zone project. The property will consist of 460 market rate and 41 affordable units with 37,000 square feet of retail, and below-grade garage parking. It will offer views into the adjacent Audi Field and will feature high-end luxury finishes and best-in-class amenities, including a state-of-the-art fitness center, rooftop resort-style pool and amenity space, luxurious clubhouse and lounge, coffee bar, co-working space, and pet spa.
Charles Elliott, President of Toll Brothers Apartment Living (TBAL), stated: “113 Potomac continues our tremendous progress within the flourishing Washington, DC multifamily market, and joins our nearby luxury communities of Parc Riverside and Union Place, along with our other projects currently under development across the city. With the introduction of 113 Potomac, we’re proud to be part of reinvigorating the historic Buzzard Point neighborhood.”
Fred Cooper, Toll Brothers’ Senior Vice President, Finance and Investor Relations, stated: “113 Potomac represents our fifth Opportunity Zone project across the U.S. and our fourth transit-oriented development community within Washington, D.C. Toll Brothers, Inc. has been building for-sale home communities in the Metro D.C. region for nearly thirty years. Now, with over 3,000 rental units completed or under development within Washington, D.C., our Apartment Living division is extending the Toll Brothers brand and reputation in this dynamic market. We are thrilled to be teaming up with CrossHarbor, with whom we have partnered on multiple transactions, and to be undertaking our first construction loan with Bank OZK, which is quite active in this market.”
“We are pleased to partner with Toll Apartment Living on this opportunity,” says James O’Leary, Director, CrossHarbor Capital Partners, “and excited to continue to expand our portfolio in the Greater Washington DC market.”