Toll Brothers and The Davis Companies Pioneer Innovation in Student Housing with The Aperture Project in Orlando
As leaders in the multifamily real estate sector, we at Multifamily Leadership are thrilled to share the news of a prominent upcoming development in the student housing submarket. Toll Brothers, the country’s premier builder of luxury homes, and The Davis Companies, a respected, Boston-based real estate investment and management firm, have partnered to create a new gem in the realm of student accommodations: The Aperture, in Orlando, Florida. Adjacent to a highly distinguished institute—the University of Central Florida (UCF), this venture stands as a brilliant testament to innovation and ecological responsibility in today’s multifamily real estate landscape.
Perched strategically on 8.2 acres around 12727 East Colonial Drive, ‘The Aperture’ will be a two-building, five-story multifamily rental community featuring 680 beds spread across 204 units. This boarders far more than a regular place to live; this fresh, comprehensive project is a representation of elevated student accommodation, featuring an athleisure fitness arena, an e-sports gaming center, a computer lounge complete with printing facilities, and even a content creation studio. Residents will benefit from quick shuttle service as well as an electric vehicle-friendly parking garage.
Entwining modernity with necessity, The Aperture is a manifestation of strategic community planning catering to the present-day student lifestyle. For the over 70,000 students in UCF, come fall 2025, this project will provide the much-needed high-quality living options amidst the backdrop of thriving academia and increasing Floridian population.
Speaking of engagement, John McCullough, President of Toll Brothers Apartment Living, conveyed the joint developers’ zest to enlarge the student housing footprint in Florida through this valued project. Concurrent echoes were shared by Jerry Murphy, Managing Director, Investments at Davis, who affirmed the nationwide popularity of enhanced student housing, promising key value for their investors.
This partnership represents the latest stride into the student-housing realm, joining the diverse student housing portfolio of Toll Brothers Campus Living, with diverse hallmarks like Lapis at Florida International University (FIU) and Canvas at Arizona State University. Anticipated to grace the Infrastructure scene in 2024 are ‘The 87’ at the University of Notre Dame and ‘Kinetic’ at the Georgia Institute of Technology.
With this venture, Toll Brothers and Davis Companies tame a unique convergence of demand-supply dynamics and robust investment avenues. Key support from TD Bank further solidifies this joint development. Fred Cooper, Senior Vice President, Finance, and Investor Relations for Toll Brothers, expressed excitement for the eighth joint venture development worth over $625 million.
In conclusion, this venture explores not only the promising potential of the student housing market but illuminates the strategic intersection of residential, commercial, and leisure-spaced capitalization. The attractiveness of the Florida market coupled with sustainable, high-quality living options projected promises an impressive revolution in student accommodation, a testimony of progress we ardently cheer at Multifamily Leadership.