Find Your Next Investment At OZ Pitch Day - July 28
Luxury home builder Toll Brothers announced plans to develop a 501-unit multifamily development in Washington, D.C. that will be financed through a $163 million construction loan from Bank OZK.
The property, located at 113 Potomac in the Buzzard Point neighborhood of D.C., will include 460 market rate apartments and 41 affordable housing units. In addition, the development will include 37,000 square feet of retail space and garage parking. Amenities will include a fitness center, rooftop pool, co-working space, and pet spa.
The property, which sold for $53 million in 2019, is adjacent to the Audi Field soccer stadium where the D.C. United play their home games.
The 113 Potomac project will be the fifth OZ project for Toll Brothers, a luxury home developer with a market capitalization of approximately $5.7 billion.
There are 25 Opportunity Zones in Washington DC.