by Natalie Kostelni
Brandywine Realty Trust and Toll Brothers Inc. are teaming up to construct a $77 million, seven-building apartment complex off Plymouth Road in Plymouth Meeting, Pa.
The project will consist of 398 apartments on 20 acres at 134 Plymouth Road. It will offer amenities including a 10,000-square-foot clubhouse, a fitness center, a pool and a dog park. The development will preserve 45 percent of the land as open space.
Toll and Brandywine will each own a 50 percent interest, and have joint decision-making responsibility. Toll of Horsham, Pa. will oversee property management and construction management and contribute cash. Brandywine will contribute its land parcel.
The joint venture expects to break ground the first quarter of next year.
In a statement, Brandywine of Radnor, Pa., said the transaction was consistent with it business plan of “monetizing up to 35 percent of our existing land bank over the next several years and we are on track to achieve that goal.
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