The rental apartment arm of US luxury homes builder Toll Brothers has extended its relationship with Canyon Partners Real Estate by way of a new partnership to develop a garden-style community in Arizona.

The newly created Toll Brothers Apartment Living and Canyon Partners venture has secured a $78m (€73m) construction loan from Bank OZK to develop Navona, a 400-unit luxury multifamily rental community in the Phoenix suburb of Mesa.

John McCullough, president of Toll Brothers Apartment Living, said: “Navona represents Toll Brothers’ sixth multifamily community development in Arizona, and we look forward to another successful project in the fast-growing Phoenix submarket of Mesa.”

Fred Cooper, SVP of finance and investor relations for Toll Brothers, said the latest partnership is the firm’s fourth joint venture with Canyon in projects with a total value of nearly $500m across a variety of markets.

“It also represents another exciting project that Bank OZK is financing for Toll Brothers-led joint ventures across our condo and rental platforms, and we appreciate their continued partnership.”

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