Toll Brothers Apartment Living® and PGIM Real Estate Top Out Momentum Midtown, a New 36-Story Luxury Apartment Community in Atlanta

ATLANTA, May 08, 2023 (GLOBE NEWSWIRE) — Toll Brothers Apartment Living®, the rental subsidiary of Toll Brothers, Inc. (NYSE: TOL), the nation’s leading builder of luxury homes, and joint venture partner PGIM Real Estate, last week celebrated the topping-out of Momentum Midtown, a new 36-story, 376-unit luxury high-rise rental apartment community in the heart of Atlanta’s vibrant Midtown neighborhood. Momentum Midtown is located on a 0.83-acre site at 1018 W Peachtree Street NW.

Constructed on the location that was once Ted Turner’s original broadcasting studio and the birthplace of WTBS, the topping-out celebration at the new apartment community was attended by development partners, local officials, and more than 700 of the project’s construction workers. Financed with a construction loan facility from Wells Fargo Bank N.A, construction commenced in 2021 and resident occupancy is anticipated in early 2024.

“This was an exciting day for all members of the team as we celebrated this huge construction milestone for Momentum,” said John McCullough, President of Toll Brothers Apartment Living. “This is our fourth luxury multifamily community in the rapidly growing Atlanta market and we’re looking forward to bringing new opportunities for the highly skilled workforce of the area to live in an unparalleled location offering a unique and quality lifestyle.”

Featuring studio, one-, two-, and three-bedroom floor plans, residences at Momentum Midtown will include quartz countertops with tile backsplash, stainless steel appliances, designer custom cabinetry, wood-style LVT flooring, oversized closets, entry nooks, and smart home features. Private balconies and terraces, as well as private yards, will be available in select residences. Momentum Midtown’s rooftop offers unimpeded views of both the Midtown and Downtown Atlanta skylines.

Momentum Midtown will feature a resort-style rooftop pool and lounge with cabanas, outdoor bar, dining room, exhibition kitchen, theater, indoor/outdoor game room, and a sky lounge. Other amenities will include a state-of-the-art fitness center, a co-working space, a club room with coffee bar, beer and wine taps, a dog park and pet spa, high-speed community-wide Wi-Fi, and 435 dedicated parking spaces in the structured parking garage.

“The topping out of Momentum represents great progress for Toll Brothers and for the Midtown region,” said Will Chappell, Director of Development and Construction for the southeast region of Toll Brothers Apartment Living. “We are excited to recognize the potential of this West Peachtree Street corridor as it becomes the epicenter of life, business, and culture for Midtown. Momentum features a striking architectural design that embodies the future of Atlanta, and we look forward to welcoming all those who will soon call it home.”

Momentum Midtown is located within a five-minute walk of the Georgia Institute of Technology campus in Atlanta’s Midtown community between the Downtown and Buckhead neighborhoods. With superior access to I-75/85, GA-400, MARTA rail stations, and Hartsfield-Jackson International Airport, the property benefits from convenient access to many of the area’s major transportation corridors, employment centers and employers, including FORTUNE 500 companies such as Google, NCR, AT&T, and Coca-Cola. Atlanta has the South’s second-largest pool of tech workers. With a location adjacent to Georgia Tech and two blocks south of Google’s planned 475,000 square foot Midtown office, Momentum will be at the center of Atlanta’s tech innovation community.

“We’re thrilled to be expanding our partnership with Toll Brothers and to be celebrating this milestone in the development of Momentum Midtown,” said Joanna Mulford, Managing Director and Senior Portfolio Manager for PGIM Real Estate’s U.S. core equity strategy. “Momentum will benefit from robust tenant demand stemming from its location in the heart of Midtown Atlanta, an area that’s experiencing rapid growth in high-paying jobs, and from its walkability to many restaurants, parks, green space, and entertainment.”

For more information about Momentum Midtown visit MomentumMidtown.com.

The Toll Brothers Campus Living division is constructing Kinetic, a student housing community at 1025 Spring StreetNW, immediately adjacent to the Momentum site. Kinetic is a 34-story rental community for students of Georgia Institute of Technology and other nearby schools. Kinetic is anticipated to open by the start of the 2024-25 academic school year.

For more information about Kinetic visit KineticAtlanta.com.


ABOUT TOLL BROTHERS APARTMENT LIVING®

Toll Brothers Apartment Living is the apartment development division of Toll Brothers, Inc. (NYSE: TOL), an award-winning Fortune 500 company, and the nation’s leading builder of luxury homes. Toll Brothers Apartment Living brings the same quality, luxury, and service for which Toll Brothers is known to its exceptional rental and mixed-use communities in select markets, including Atlanta, Boston, Dallas, Los Angeles, New York, Philadelphia, Phoenix, and Washington, DC. Toll Brothers Apartment Living communities combine the energy of vibrant locations with unparalleled amenities, resident services, design, and the expertise of America’s Luxury Home Builder®. In 2023, NMHC ranked Toll Brothers Apartment Living the 6th largest apartment developer in the United States. The firm has developed nearly 8,900 units, has more than 5,000 units under management, and controls a national pipeline of more than 17,500 units.

For more information visit TollBrothersApartmentLiving.com.


ABOUT TOLL BROTHERS

Toll Brothers, Inc., a Fortune 500 Company, is the nation’s leading builder of luxury homes. The Company was founded 56 years ago in 1967 and became a public company in 1986. Its common stock is listed on the New York Stock Exchange under the symbol “TOL.” The Company serves first-time, move-up, empty-nester, active-adult, and second-home buyers, as well as urban and suburban renters. Toll Brothers builds in over 60 markets in 24 states: Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Maryland, Massachusetts, Michigan, Nevada, New Jersey, New York, North Carolina, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, and Washington, as well as in the District of Columbia. The Company operates its own architectural, engineering, mortgage, title, land development, smart home technology, and landscape subsidiaries. The Company also develops master-planned and golf course communities as well as operates its own lumber distribution, house component assembly, and manufacturing operations.

Toll Brothers was named the #1 Home Builder in Fortune magazine’s 2023 survey of the World’s Most Admired Companies®, the eighth year it has been so honored. Toll Brothers has also been named Builder of the Year by Builder magazine and is the first two-time recipient of Builder of the Year from Professional Builder magazine. For more information visit TollBrothers.com.

Toll Brothers discloses information about its business and financial performance and other matters, and provides links to its securities filings, notices of investor events, and earnings and other news releases, on the Investor Relations section of its website (investors.TollBrothers.com).

©2023 Fortune Media IP Limited. All rights reserved. Used under license. Fortune and Fortune Media IP Limited are not affiliated with, and do not endorse the products or services of, Toll Brothers.


ABOUT PGIM REAL ESTATE

As one of the largest real estate managers in the world with US$195 billion in gross assets under management and administration1, PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the US$1.5 trillion global asset management business of Prudential Financial, Inc. (NYSE: PRU).

PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing2, and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world.

For more information visit pgim.com/real-estate/

1 As of June 30, 2021. AUM reflected as gross. Net AUM is $130B and AUA is $43B.

2 Includes legacy lending through PGIM’s parent company, Prudential Financial, Inc.

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