Harrison Street and Toll Brothers, a builder of luxury homes, have announced the sale of Canvas Tempe, an 826-bed student housing community at Arizona State University, to University Partners. Financial terms were not disclosed.
Canvas Tempe was the first joint venture between Harrison Street and Toll Brothers. They entered into the venture in December 2020, and the project was completed and delivered by August 2021. The property is nearly 100 percent preleased for the 2023–2024 academic year.
“The residual concerns about COVID-19 triggering declining enrollment have been put to rest, especially in the highly selective schools that Harrison Street targets,” said Ben Mohns, head of asset management North America at Harrison Street. “The student housing sector is experiencing record-breaking enrollment, occupancy and rent growth. This illustrates the resilience of student housing in an uncertain macroeconomic environment and the continued success of Harrison Stre