Toll Brothers Campus Living and The Davis Companies Joint Venture to Develop 680-Bed Luxury Student Housing Community in Orlando, Florida

JV Secures $50 Million Construction Loan from TD Bank, N.A.

Toll Brothers, Inc. (NYSE: TOL) (TollBrothers.com), the nation’s leading builder of luxury homes, through its Toll Brothers Campus Living student housing rental division, and Boston-based real estate investment, development and management firm The Davis Companies (Davis), announced a new joint venture to develop Aperture, a 680-bed (204-unit), two-building, five-story multifamily rental community in Orlando, Florida adjacent to the University of Central Florida (UCF). The project is being financed through a $50 million construction loan facility from TD Bank, N.A. The equity and debt were arranged by Toll Brothers’ in-house Finance Department.

Aperture is located at 12727 East Colonial Drive in Orlando on 8.2 acres in proximity to UCF. The community will consist of 204 rental apartments and will feature a state-of-the-art fitness center, an e-sports gaming center, computer lounge with printing, content creation studio, LuxerOne Package Locker System, courtyard with cabanas, grills and firepits, and a resort style pool with sunshelf. Residents will have access to a private five-minute shuttle to campus, as well as a parking garage that will include EV (electric vehicle) charging stations.

UCF has the second largest on-campus enrollment of any public university in the U.S. with almost 70,000 students enrolled in the 2022 – 2023 academic year. The university has consistently grown over the past 10 years, supported by strong population growth in Florida and increased recognition of its academic and athletic programs. It is ranked 64^th among the “Top Public Universities” and 14^th for “Most Innovative Schools” in the nation according to U.S. News & World Report.

Toll Brothers Campus Living develops communities that combine modern amenities and strategic community design to fit the needs and lifestyle of students. Toll Brothers Campus Living will manage the property’s development, construction, and asset management, as well as handle marketing and leasing in partnership with Davis.

John McCullough, President of Toll Brothers Apartment Living, said, “We are excited to expand our student housing presence in Florida with the development of Aperture near the University of Central Florida. Ideally situated near one of the largest public universities in the country, Aperture will help meet the growing need for high quality student housing options at UCF. We look forward to welcoming students to this incredible community in the fall of 2025.”

“Demand for elevated student housing continues to rise across the country as highly-amenitized offerings gain prevalence in the market, especially in the Sun Belt region,” said Jerry Murphy, Managing Director, Investments at Davis. “We are confident that our expanding portfolio of student housing developments will provide key value for our investors and are glad to continue our long-term partnership with Toll Brothers through the delivery of this best-in-class student residence.”

Aperture is the second Toll Brothers multifamily project in Florida and joins the growing Toll Brothers Campus Living student housing portfolio nationwide. Previous developments include Lapis at Florida International University (FIU), which opened in 2023, 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.”

This joint venture represents the latest project in Davis’ growing student housing portfolio as colleges and universities seek to meet the demand of increased student populations. Other student housing projects in Davis’ portfolio include The Lex at the University of Kentucky and William at the University of Georgia.

Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers, said, “We are thrilled to launch our eighth development joint venture with Davis consisting of projects totaling over $625 million in total capitalization located in urban and suburban markets across the U.S. We are also excited to have the support of TD Bank, with whom we have had a multi-faceted relationship for many years.”

For future updates and information regarding this community, please visit TollBrothersApartmentLiving.com. For more information on Davis’ multi-family housing portfolio, please visit thedaviscompanies.com.

About Toll Brothers

Toll Brothers, Inc., A FORTUNE 500 Company, is the nation’s leading builder of luxury homes. The Company was founded 55 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, golf course development, smart home technology, and landscape subsidiaries. The Company also operates its own lumber distribution, house component assembly, and manufacturing operations.

Toll Brothers was named the World’s Most Admired Homebuilder in FORTUNE magazine’s 2022 survey of the World’s Most Admired Companies®, the seventh 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).

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 Davis

Davis is a vertically integrated real estate investment, development and management firm that leverages five decades of experience, the strength of its leadership team and employees and a diversified portfolio to deliver maximum value for its investors and tenants. Headquartered in Boston and investing across the United States, Davis prides itself on taking a nimble, collaborative approach to delivering best-in-class results from complex opportunities. With $12.5 billion in gross asset value invested through real estate equity, debt and fixed-income securities, Davis today owns a real estate portfolio of approximately 14 million square feet of healthcare and life science, industrial, retail, office and hospitality properties and more than 5,000 residential units across the United States. For further information, visit www.thedaviscompanies.com.

Contact:

Frederick N. Cooper – Media Contact – fcooper@tollbrothers.com – (215) 938-8312

Source: Toll Brothers, Inc.