Toll Brothers Apartment Living, a subsidiary of
Toll Brothers, Inc.
) and AECOM Capital, the investment fund of
AECOM Technology Corporation
), recently unveiled a rental apartment tower in Jersey City, NJ.
The new project is called Provost Square and is expected to be
available for rent in early 2015.
Provost Square includes 925 residential units, an art center,
pedestrian plaza, in built parking facilities and ground floor
retail space. It is located at a prominent site in the Powerhouse
district of Jersey city. Residents will have easy access to
Grove Street PATH station, Jersey City's Restaurant Row, other
restaurants and shopping centers in the city.
Toll Brothers Apartment Living will be responsible for the
building's marketing, leasing and property management, while
AECOM's wholly-owned subsidiary Tishman Construction Corporation
and Toll Brothers City Living will see the construction.
The rising demand for new homes has led to a favorable situation
in the housing market, where inventory levels are dropping and
prices are moving up. The demand is particularly high for luxury
homes. Therefore adequate product introduction is necessary in
order to maintain the required level of inventory to meet the
growing demand for homes.
Homebuilders like Toll Brothers with significant land positions,
broad geographic and product diversity and better capital
positions are expected to benefit the most as market conditions
recover further. Toll Brothers expects to end fiscal 2013 with
225 to 255 selling communities, with many new communities in
Toll Brothers currently carries a Zacks Rank #3 (Hold).
Other stocks in the homebuilding sector that are performing well
and deserve a mention include
D. R. Horton Inc.
Ryland Group Inc.
), both carrying a Zacks Rank #1 (Strong Buy).
AECOM TECH CORP (ACM): Free Stock Analysis
D R HORTON INC (DHI): Free Stock Analysis
RYLAND GRP INC (RYL): Free Stock Analysis
TOLL BROTHERS (TOL): Free Stock Analysis
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