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New apartment community debuts near downtown Plano

Apartment builder Toll Brothers Living, which recently launched a North Texas building binge, has finished its newest local community in Plano.

The 370-unit Ferro apartments are south of downtown Plano at 11th Street and Avenue K.

The four-story rental community was built in partnership with New York-based investor Pondmoon Capital.

“Ferro is our fourth rental community to open its doors in Dallas-Fort Worth and reflects our conviction in the attractiveness of the North Texas market,” Charles Elliott, president of Toll Brothers Apartment Living, said in a statement.

Toll Brothers started construction on the Plano project in 2020, and residents began moving into the project earlier this year before it was finished.

The project was financed with a $46 million loan from Santander Bank.

Designed by Dallas architect GFF, Ferro occupies two blocks.

The rental community features a two-story lobby, a fitness center, a resident lounge, a community library, a resort-style pool with cabanas, an outdoor amphitheater and a dog park.

The property is within walking distance of DART commuter rail stations and a stop for the new Silver Line connecting with DFW International Airport.

Toll Brothers’ partner in the project, Pondmoon Capital, was founded in 2014 and invests in rental properties in markets including New York City, Washington, D.C., Dallas, Chicago, Minneapolis, Los Angeles, San Francisco and Atlanta.

Earlier this year, Pondmoon partnered in the construction of a 296-unit apartment project in Lewisville.

Toll Brothers has built D-FW apartments in West Dallas, the Oak Lawn area and in Frisco.

The Pennsylvania-based builder recently started three more apartment projects in North Texas with more than 1,000 units.

The new rental developments are being built in partnership with Chicago-based Equity Residential. The projects are in Dallas, Fort Worth and Frisco.

Toll Brothers is also building a community in downtown Lewisville.

The D-FW area is the country’s fastest-growing apartment market with more than 63,000 units under construction.

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