EJF Capital and Toll Brothers formed of a joint venture to develop Henri, 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, with the aim of spurring economic growth in lower income areas.

The project, expected to break ground in October 2022, is a joint venture between EJF OpZone Fund I LP and TBAL. Upon completion, the seven-story building will offer a unit mix of studio- through 3-bedroom apartments located in one of the only pre-automotive, walkable neighborhoods in the Phoenix Metropolitan Statistical Area (MSA). The property neighbors the Roosevelt Row arts district and is surrounded by restaurants, bars, cafes, art galleries, shops, and entertainment venues.

"Phoenix is one of the nation's fastest-growing metropolitan areas, with a sizeable employment base and a dynamic retail, restaurant, and entertainment hub downtown—yet it has a limited supply of new housing opportunities," said Asheel Shah, Senior Managing Director and Head of Real Estate Development at EJF. "Henri is well-positioned to capture that unmet demand."