October, 2023
Fort Washington, PA. – Toll Brothers, Inc. (NYSE: TOL) (TollBrothers.com), the nation’s leading builder of luxury homes, through its Toll Brothers Campus Living student housing rental division, and Boston-based real estate investment, development and management firm The Davis Companies (Davis), announced a new joint venture to develop Aperture, a 680-bed (204 unit), two-building, five-story multifamily rental community in Orlando, Florida adjacent to the University of Central Florida (UCF). The project is being financed through a $50 million construction loan facility from TD Bank, N.A. The equity and debt were arranged by Toll Brothers’ in-house Finance Department.
Aperture is located at 12727 East Colonial Drive in Orlando on 8.2 acres in proximity to UCF. The community will
consist of 204 rental apartments and will feature a state-of-the-art two-story fitness center, computer lounge with
printing, LuxerOne Package Locker System, courtyard with cabanas, grills and firepits, and a resort style pool with
sun shelf. Residents will have access to a private five-minute shuttle to campus, as well as a parking garage that will
include EV (electric vehicle) charging stations.
UCF has the second largest on-campus enrollment of any public university in the U.S. with almost 70,000 students
enrolled in the 2022 – 2023 academic year. The university has consistently grown over the past 10 years, supported
by strong population growth in Florida and increased recognition of its academic and athletic programs. It is ranked
64 th among the “Top Public Universities” and 14 th for “Most Innovative Schools” in the nation according to U.S.
News & World Report.
Toll Brothers Campus Living develops communities that combine modern amenities and strategic community
design to fit the needs and lifestyle of students. Toll Brothers Campus Living will manage the property’s
development, construction, and asset management, as well as handle marketing and leasing in partnership with
Davis.
John McCullough, President of Toll Brothers Apartment Living, said, “We are excited to expand our student
housing presence in Florida with the development of Aperture near the University of Central Florida. Ideally
situated next to one of the largest public universities in the country, Aperture will help meet the growing need for
high quality student housing options at UCF. We look forward to welcoming students to this incredible community
in the fall of 2025.”
“Demand for elevated student housing continues to rise across the country as highly-amenitized offerings gain
prevalence in the market, especially in the Sun Belt region,” said Jerry Murphy, Managing Director, Investments at
Davis. “We are confident that our expanding portfolio of student housing developments will provide key value for
our investors and are glad to continue our long-term partnership with Toll Brothers through the delivery of this best-
in-class student residence.”
Aperture is the second Toll Brothers multifamily project in Florida and joins the growing Toll Brothers Campus
Living student housing portfolio nationwide. Previous developments include Lapis at Florida International
University (FIU), which opened in 2023, The Yards at Old State at The Pennsylvania State University, which
opened in 2020, Canvas at Arizona State University, which opened in 2021 and was sold in 2023, and Terrapin Row
at the University of Maryland, which opened in 2016 and was sold in 2017. In 2024, Toll Brothers Campus Living
anticipates the opening of The 87 at the University of Notre Dame and Kinetic at the Georgia Institute of
Technology.
This joint venture represents the latest project in Davis’ growing student housing portfolio as colleges and
universities seek to meet the demand of increased student populations. Other student housing projects in Davis’
portfolio include The Lex at the University of Kentucky and William at the University of Georgia.
Fred Cooper, Senior Vice President, Finance and Investor Relations for Toll Brothers, said, “We are thrilled to
launch our eighth development joint venture with Davis consisting of projects, totaling over $625 million in
investment located in urban and suburban markets across the U.S. We are also excited to have the support of TD
Bank, with whom we have had a multi-faceted relationship for many years.”
For future updates and information regarding this community, please visit tollbrothersapartmentliving.com. For
more information on Davis’ multi-family housing portfolio, please visit thedaviscompanies.com.