EJF Capital and Toll Brothers Apartment Living Announce Joint Venture to Create 313-Unit Multifamily Community in Downtown Phoenix Opportunity Zone

ARLINGTON, Va.--(BUSINESS WIRE)--EJF Capital LLC (“EJF”) and Toll Brothers Inc. (NYSE: TOL), through its Toll Brothers Apartment Living (“TBAL”) division, today announced the formation of a joint venture to develop Henri (the “Project”), a 313-unit multifamily community in downtown Phoenix, AZ. The 2.32-acre site is in a “Qualified Opportunity Zone” under the Tax Cuts and Jobs Act of 2017 (“TCJA”), which offers investors potential tax benefits to invest into Qualified Opportunity Zones with the