Equity Residential (EQR) announces development JV with Toll Brothers.

Equity Residential (EQR) announced today that it has entered into an agreement with Toll Brothers (TOL) to develop upscale multifamily properties in six metro markets.  The partnership agreement provides that EQR will fund 75% of the required equity in each project and TOL will contribute 25% as managing partner and construction manager.  The parties have committed to approximately $750 million of combined equity, providing nearly $1.9 billion of development capacity inclusive of construction financing.

The target development markets include Atlanta, Austin, Boston, Denver, San Diego, and Seattle.  According to EQR, the partnership will allow the company "to produce high quality apartment properties in our expansion markets and predominantly suburban locations in our existing markets that appeal to our affluent renter demographic."

Equity Residential is one of the largest owner/operators of Class-A multifamily properties in the U.S. with a current portfolio of 303 properties and 78,107 apartment units.  As of June 30, 2021, EQR had a total market capitalization of approximately $38 billion.