Toll Brothers Apartment Living, a subsidiary of Toll Brothers, Inc., (TOL - Free Report) and AECOM Capital, the investment fund of AECOM Technology Corporation (ACM - Free Report) , 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 2014.
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. (DHI - Free Report) , and Ryland Group Inc. , both carrying a Zacks Rank #1 (Strong Buy).