Toll Brothers, Canyon Partners announce new JV to develop luxury rental community in Mesa, Ariz.

Toll Brothers and Canyon Partners Real Estate have announced the formation of a new joint venture to develop Navona, a garden-style, 400-unit luxury multifamily rental community in the Phoenix suburb of Mesa, Ariz. The joint venture has secured a $78 million construction loan from Bank OZK. The equity and debt were arranged by Toll Brothers’ in-house Finance Department. Toll Brothers Apartment Living will manage the development.

Navona is adjacent to the State Route 24 expansion in Mesa, one of the fastest growing submarkets in the Phoenix metro area, providing convenient access to main employment corridors. Recent expansions to the area include Intel’s Chandler Campus, bringing an estimated 18,000 jobs to the local community. Meta, Amazon and Apple also have grown their presence in Phoenix, bringing additional job opportunities to the surrounding areas. The community is also positioned to benefit from the 400-acre Phoenix Mesa Gateway terminal expansion which includes Sk