Toll Brothers Apartment Living and PGIM Real Estate Announce Joint Venture to Develop 422-Unit Luxury Rental Community in San Diego
SAN DIEGO, CA – Toll Brothers, the nation’s leading luxury home builder, through its Toll Brothers apartment rental division, and PGIM Real Estate, the real estate investment and finance business of 208 $.7 billion from PGIM, announced a new joint venture to develop The Lindley, a 37-story, 422-unit multi-family rental community in San Diego, California. The Lindley, which is the first Toll Brothers Apartment Living project in the city of San Diego, is being financed by a BNY Mellon and Wells Fargo 187 million construction loan. Equity and debt were arranged by Toll Brothers’ in-house finance department in conjunction with PGIM’s Real Estate Capital Markets team.
The Lindley was designed by renowned Joseph Wong Design Associates and is located at the corner of Columbia Street and Ash Street in San Diego’s Columbia business district. The Lindley offers convenient access to PETCO Park, Balboa Park, Santa Fe Railroad Station and San Diego International Airport, as well as many restaurants and entertainment venues in Little Italy, Harborview, Embarcadero and the Gaslamp Quarter.
The Lindley will feature 422 rental apartments and an above- and below-grade parking garage with 561 parking spaces, including capacity for 222 EV (electric vehicle) charging stations. The apartments will feature high-end luxury finishes including LVT flooring, energy efficient LED lighting and smart thermostats. Residents will enjoy a top-notch set of amenities, including a concierge, mail room, secure parcel room, keyless entry, and over 22,000 square feet of indoor and outdoor amenity space. The amenity space will include an outdoor pool and spa, barbecue grills, a pet spa and dog walk, an indoor/outdoor fitness center, massage rooms, yoga areas, a sauna, coworking spaces, game room, club room, lounge and wine bar. Rooftop facilities include a rooftop lounge, demonstration kitchen, and wrap-around deck with sweeping views of downtown San Diego.
The Lindley expects to achieve LEED Gold certification. To achieve this standard, all demolition materials have been responsibly recycled and sustainably sourced materials will be used throughout. Rainwater will be collected from the site and will go through biofiltration processes before entering the stormwater drainage. Environmentally friendly cleaning products will be used exclusively in building operations. Residents will also be able to take advantage of fast charging stations for EVs. Affordable housing is also an essential part of the development project. As part of The Lindley’s entitlement agreement, Toll Brothers Apartment Living is making a significant contribution to the development of affordable housing in San Diego, helping to realize the city’s initiative to increase affordable housing opportunities for its residents. This contribution will directly support the construction of 44 off-site affordable housing units in downtown San Diego.
The Lindley marks the first Toll Brothers Apartment Living project to innovate in San Diego, and the third to innovate in California. It follows the 262-unit Cameo in Orange, California, which was sold in 2021, and the 218-unit Rafferty in Santa Ana, California, which is expected to open to residents in early 2024. The Lindley represents the continued expansion of Toll Brothers Apartment Living in California.
“As the first project in San Diego, we proudly plant our flag here with The Lindley,” said Charles Elliott, President of Toll Brothers Apartment Living. “We will remain true to the brand that Toll Brothers is known for and bring to this market the same quality of product and service that we have provided for over 55 years. The Lindley is located in perhaps the liveliest part of San Diego, which is among the fastest growing areas in Southern California. The Lindley will appeal to the most discerning residents looking for the perfect blend of luxury and lifestyle in the midst of it all.
“The Lindley will be a Class A trophy asset located in arguably the most desirable neighborhood in downtown San Diego,” said Cathy Marcus, Global Chief Operating Officer and Head of US Equities for PGIM Real Estate. “In addition to its premium features and amenities, the property will benefit from strong market fundamentals in San Diego as a whole, which has seen job growth largely driven by the tech sector and migration from other big cities.”
Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers, said, “The Lindley marks the fifth urban high-rise rental project we are developing as a joint venture with PGIM and complements our current partnership plans at Boston, Cambridge, Atlanta and Washington, DC We are very pleased to once again have the support of BNY Mellon and Wells Fargo as our construction lenders. Together, we look forward to completing this LEED Gold-designed transit-focused development project while supporting the development of additional affordable housing units in downtown San Diego.