Toll Brothers Apartment Living

What Toll Brothers Apartment Living does

Toll Brothers Apartment Living is the multifamily rental division of Toll Brothers Inc. (NYSE: TOL), a Fortune 500 luxury homebuilder founded in 1967. The division develops, leases, and sells luxury apartment communities across the United States, serving institutional real estate investors (e.g., Rockpoint, Kennedy Wilson), university partners, and transit agencies. Its portfolio includes high-rise luxury towers such as The Morgan at Provost Square (417 units, Jersey City), purpose-built student housing (Aperture at UCF, 680 beds, Orlando), office-to-residential conversions (Warner Center, 276 units, Los Angeles), and transit-oriented developments (Carlsbad, California). The business operates through joint ventures with institutional capital partners and monetizes assets via stabilized sales; the parent Toll Brothers platform spans 24 states and supports the division with wholly-owned subsidiaries including Toll Brothers Mortgage Company and Toll Brothers Smart Home Technologies.

The division's revenue mechanics mix one-time development gains on stabilized asset sales (e.g., The Morgan at Provost Square sold to Rockpoint), recurring ground-lease income from transit-oriented sites ($2.7 million projected annually from Carlsbad projects), and emerging investment-management platform fees tied to over $5 billion in assets under management that will transfer to Kennedy Wilson upon close of the announced acquisition (November 2025). Go-to-market is enterprise field sales to institutional capital partners, supplemented by university direct development partnerships and ground-lease arrangements with public transit agencies. Pricing for institutional transactions is not publicly disclosed; individual home pricing on the parent side varies by community with promotional mortgage financing (e.g., 3.99% first-year buydown on select homes).

The pending acquisition by Kennedy Wilson represents a structural inflection: the platform will move from a wholly-owned subsidiary of a publicly traded homebuilder into a component of a global real estate investment manager with $31 billion in AUM (Q3 2025). Whether the platform remains a development-led operation or pivots toward fee-based investment management will determine its post-close revenue mix and growth profile.

Name

Toll Brothers Apartment Living

Legal name

Toll Brothers Inc.

Website

https://TollBrothersApartmentLiving.com

Company type

Public

Founded year

1967

Operating status

Operating

Headcount range

101–250 employees

Short description

Toll Brothers Apartment Living is the multifamily rental division of Toll Brothers Inc., developing and selling luxury apartment communities—including high-rise towers, student housing, and transit-oriented developments—to institutional capital partners across the United States.

Ownership category

akta.pro rank

Product category

Multifamily Real Estate Development

NAICS

Lessors of Real Estate (5311), Lessors of Nonresidential Buildings (except Miniwarehouses) (531120)

SIC

Operators Of Apartment Buildings (6513), Real Estate (6500)

akta.pro primary industry

Student & Academic Term Monthly Housing (THAMAFAH)

akta.pro secondary industries

Off-Campus Shared Student Houses (Room-by-Room) (THAMAGAC), Single-Family Corporate Rentals (Furnished Homes) (THAMAHAH)

Keywords

• Luxury apartment development
• Multifamily real estate
• Transit-oriented development
• Student housing construction
• Mixed-use developments

Headquarters

HQ city

Fort Washington

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Apartment Development and Sale: Toll Brothers Apartment Living develops luxury apartment communities and sells them to institutional investors. Revenue is realized through property sales to partners like Rockpoint and through pending acquisition by Kennedy Wilson adding over $5 billion in AUM.
2. Ground Lease Revenue: Transit-oriented developments generate annual ground lease revenue from transit agencies. The Carlsbad train station redevelopment projects are projected to generate $2.7 million in annual ground lease revenue once completed.
3. Luxury Home Sales: Parent company Toll Brothers builds and sells luxury single-family homes across the United States. Revenue is generated through direct home sales to individual buyers with mortgage financing through Toll Brothers Mortgage Company.
4. Investment Management Platform: Kennedy Wilson's pending acquisition of Toll Brothers' Apartment Living platform includes adding over $5 billion in assets under management, suggesting platform fee income potential.

Pricing tiers

Go-to-market motion2 records

Distribution channels3 records

Marketing channels5 records

Core offering

Toll Brothers Apartment Living develops, owns, and sells luxury multifamily apartment communities, transit-oriented mixed-use developments, and purpose-built student housing across the United States. The division operates primarily through joint ventures with institutional capital partners (e.g., Rockpoint, Kennedy Wilson) to develop stabilized Class A assets that are subsequently sold to or recapitalized with real estate investment firms. Individual residential units within completed communities are leased through standard apartment operations.

Product overview

Toll Brothers Apartment Living is the multifamily/apartment living division of Toll Brothers Inc., focused on developing, managing, and selling luxury apartment communities and mixed-use developments. The portfolio includes luxury high-rise towers (The Morgan at Provost Square), student housing communities (Aperture at UCF), and transit-oriented developments. The division operates through joint ventures and has been the subject of a pending acquisition by Kennedy Wilson expected to add over $5 billion in assets under management.

Differentiator

Problem solved

Functional benefit

Brands

• Toll Brothers Apartment Living: Multifamily rental apartment living division of Toll Brothers Inc.
• Regency Active Adult
• Toll Brothers Advantage
• Designer Appointed Collections

Products and services

• The Morgan at Provost Square A 38-story luxury apartment tower with 417 units in Jersey City, New Jersey, developed through a joint venture involving Toll Brothers Apartment Living and sold as a stabilized asset to Rockpoint. Intended for institutional ownership and downstream Class A multifamily leasing.
• Warner Center Redevelopment An office-to-residential redevelopment at 6464 Canoga Avenue in Warner Center, Los Angeles, converting an existing office building into a 276-unit apartment complex with ground-floor commercial space. The project utilizes density bonus entitlements requiring a portion of units to be designated for very low-income households.
• Aperture at UCF A 680-bed purpose-built student housing community in Orlando, Florida, developed by Toll Brothers Apartment Living with FaverGray as general contractor. Includes amenities such as a swimming pool, fitness center, resident lounges, and dog park, and serves students of the University of Central Florida.

Quantifiable outcome

• $2.7 million in annual ground lease revenue projected from Carlsbad transit-oriented developments

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered core.

• Los Angeles City CouncilcoreOthers · 5 December 2025Los Angeles City Council approved Toll Brothers' Warner Center office-to-residential redevelopment project, utilizing density bonus incentives that require some units to be designated for very low-income households.
• FaverGraycoreImplementation/ SI/ Consulting Partner · 4 December 2025FaverGray served as the general contractor for Aperture at UCF, a 680-bed student housing community in Orlando, Florida, successfully delivered in Fall 2025 for Toll Brothers Apartment Living. The project includes amenities such as swimming pool, fitness center, lounges, and dog park.
• JLL (Jones Lang LaSalle)coreChannel Partner/ Reseller/ Distributor · 17 October 2025JLL Capital Markets led the sale of The Morgan at Provost Square, representing the seller (a joint venture including Toll Brothers Apartment Living). JLL also advised on the acquisition financing, making them a key transaction advisor.

Scale indicators8 records

Recent moves2 records

Direct peers

• Greystar Real Estate Partners: Greystar is the largest operator, developer, and investment manager of rental housing globally, with a development pipeline and institutional capital partnerships that directly mirror Toll Brothers Apartment Living's develop-to-institutional-sale model.
• The Hanover Company: The Hanover Company develops luxury multifamily communities in major US metros and operates a similar institutional capital partnership model, building for sale to pension funds, REITs, and other institutional investors.
• Mill Creek Residential: Mill Creek Residential develops luxury Class A multifamily communities across the US and partners with institutional investors in a build-and-sell joint venture structure closely comparable to Toll Brothers Apartment Living's model.
• Rockpoint Group: Rockpoint is a real estate investment firm that acquired The Morgan at Provost Square (417 units) from a Toll Brothers Apartment Living JV. It is a comparable institutional capital partner with similar deal flow and asset class focus.
• Related Companies: Related Companies is a national luxury real estate developer known for high-rise multifamily and mixed-use projects in urban markets, comparable to Toll Brothers Apartment Living's Morgan at Provost Square and Warner Center projects.
• Tishman Speyer: Tishman Speyer is a global real estate developer and investment manager that develops luxury multifamily and mixed-use properties and partners with institutional capital, closely mirroring Toll Brothers Apartment Living's business model.

Broad incumbents

• AvalonBay Communities: AvalonBay is a publicly traded multifamily REIT that develops, acquires, and operates luxury apartment communities in high-barrier coastal markets. While it owns and operates rather than developing for third-party institutional sale, its portfolio and geography closely overlap with Toll Brothers Apartment Living's projects.
• Equity Residential: Equity Residential is a multifamily REIT focused on urban and high-density luxury apartments in gateway markets such as NYC, Boston, LA, and San Francisco, with development capabilities that overlap the Apartment Living division's product type.
• Kennedy Wilson: Kennedy Wilson is a global real estate investment firm with $31B AUM as of Q3 2025 that is acquiring the Toll Brothers Apartment Living platform. It is a comparable multifamily acquirer/operator and the platform's soon-to-be parent, making it both a counterparty and direct strategic peer.

Others

• JLL Capital Markets: JLL Capital Markets acted as advisor on the Morgan at Provost Square transaction for both the seller and financing. As a major CRE capital markets intermediary, it is a key transaction counterpart and ecosystem enabler rather than a direct developer peer.

Market position

Strengths5 records

Weaknesses5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/TollBrothers
• YouTubeyoutube.com/user/TollBrothers
• Facebookfacebook.com/tollbrothers
• LinkedInlinkedin.com/company/toll-brothers
• Instagraminstagram.com/tollbrothers
• Pinterestpinterest.com/tollbrothers

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Toll Brothers Apartment Living