Sam Zell’s Equity Residential and the luxury homebuilder Toll Brothers Inc. have formed a partnership to develop apartments, looking to deploy $1.9 billion to take advantage of the surging demand for rentals.
The two companies will invest about $750 million in equity, plus additional debt, over the next three years to develop projects in Boston, Seattle, Atlanta Austin, Denver, Dallas-Fort Worth and the San Diego area, according to a statement on Tuesday.
Rents in the U.S. are surging as would-be homebuyers get shut out of the housing market. Home prices have been driven higher in the pandemic by low mortgage rates and a shortage of homes to buy.
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