Toll Brothers has purchased an 8.2-acre multifamily development site in Phoenix from local full-service investment firm Bayless Investment & Trading Co. for $17.9 million, or about $2.2 million per acre.
The four-parcel site at the northwest corner of Central Avenue and Indian School Road is located along the Valley Metro Light Rail. Toll Brothers plans to develop a 402-unit, four-story luxury apartment project on the site.
David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.
“It’s great to see this long-vacant, iconic corner go into production with a quality developer like Toll Bros. This project will be an excellent addition to the continued transformation of Midtown Phoenix,” Nicoluzakis said in a statement.
Headquartered in Horsham, Pennsylvania, Toll Brothers currently builds in 22 states nationwide, and is a publicly owned company with its common stock listed on the New York Stock Exchange.