Toll Brothers and Canyon Partners Forge Strategic Multifamily Venture in Arizona’s Growing Sub-Market: Navona Sets New Benchmark for Future Developments
The North American multifamily sector continues to showcase extraordinary growth opportunities, especially for enterprises that leverage fruitful partnerships and thoughtful planning. The latest joining forces of Toll Brothers, the country’s leading luxury homes builder, and Mesa, Arizona based real estate investment behemoth Canyon Partners Real Estate, in the creation of a laudable joint venture, attests to this reality.
The new development, Navona, is a garden-style, 400-unit luxury multifamily rental community which leverages a $78 million construction loan from Bank OZK.
Showcasing a strategic location, Navona sits adjacent to the SR-24 expansion in Mesa, one of Phoenix metro area’s fastest-growing submarkets promising enriched ease to main employment corridors.
Navona’s positioning squarely capitalizes on the increased job opportunities with branded expansions from Intel’s Chandler Campus, Meta, Amazon, and Apple in Phoenix. The development’s appeal is further intensified by the surrounding community’s advantageous location near the 400-acre Phoenix Mesa Gateway terminal expansion which includes SkyBridge Arizona.
Innovative and discerning in design, Navona offers:
400 rental apartments with various floor plan styles spanning one-, two-, and three-bedroom layouts.
Well-planned space for over 800 parking slots.
High-end luxury finishes in each apartment unit.
An impressive assortment of amenities such as pickleball courts, a clubhouse, an expansive outdoor space, and an entertainment pavilion with a resort-style pool.
Navona represents Toll Brothers’ sixth multi-family community development in Arizona and significantly underscores the fast-paced growth in the Phoenix sub-market of Mesa. The company has, in fact, already amassed nearly $500 million in project capitalization via successful joint ventures with Canyon.
Canyon, an active provider of debt and equity in multi-family real estate, continues to fortify projects across primary and secondary markets in line with its strategic investment of approximately $2.7 billion in debt and equity to capitalize ~$13.0 billion of total projects.
Bank OZK stand firmly behind these initiatives to craft pleasant and thriving communities by providing construction financing to Toll Brothers and its partners. Indeed, developments like Navona, with their seamless blend of outstanding design, modern conveniences, and invigorating sense of community, set the benchmark for residential living experiences.
Undeniably, multifamily real estate continues its evolution, molding communities while far exceeding expectations for developers, investors, and residents. With these strategic collaborations and intelligent project positioning, the sector seems poised for even more exceptional growth in the future. This is a testament to forward-thinking leadership and an unwavering commitment to bringing vision to life.