Toll Brothers Buys Land for Over 400 Cary Rental Units
Toll Brothers bought a 27-acre mobile home park in Cary. The company will build 407 residential units at the site. 330 are slated to be multifamily units, and 97 are expected to be townhomes. The Triangle Business Journal reports the 607 Cedar St. property is assessed at $26.7 million. (photo courtesy of Commercial Search)
Tenants of the mobile home park were sent letters in December informing them of the pending sale. Site work is expected to begin on the 27 acres in early 2027. Toll Brothers will develop the luxury townhomes, and Kennedy Wilson will develop the apartments. Last fall, Toll Brothers announced it would sell its Apartment Living platform to Kennedy Wilson.
The townhomes will have single-car garages. Kennedy Wilson will build four 4-story buildings with 170 one-bedroom units and 160 two-bedroom units.
Amenities include a swimming pool with cabanas and pergola; pool house with fireplace, outdoor kitchen and bar; and a clubhouse with a fitness center, coworking space, conference room, parlor and private dining room.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout