Harrison Street breaks ground on Block 15

Harrison Street breaks ground on Block 15, a 303-unit student property within the University District of Calgary in Alberta, Canada.

Block 15 student development in Calgary, Alberta. Images courtesy of Gracorp Properties | PBSA News
Block 15 student development in Calgary, Alberta. Images courtesy of Gracorp Properties.

Investment management firm Harrison Street breaks ground on Block 15, a 303-unit student property in Calgary, Alberta. The project is being undertaken with Gracorp Properties, a leading developer of high-quality residential properties in Canada and the United States, who will continue to lead the development of the project. Once complete, the property will be managed by Campus Living Centres, an industry leading housing operator that manages over 30,000 beds across the country, including Calgary.

“Block 15 further reinforces the synergistic partnership between Gracorp and Harrison Street. Gracorp’s experience building industry leading projects coupled with Harrison Street’s proven investment management philosophy provides the right partnership to bring another amenity rich, tenant focused development to the University District.”

Novy Cheema, Vice President Real Estate, Gracorp Properties

Located within the University District of Calgary and 300 metres from campus, Block 15 will be a luxury development designed for students and young professionals. The property will offer high-end and modern shared facilities including a gym, keyless entry, communal rooftop patios with lounge and fire pit/grill space, in-suite laundry, indoor lounge space and secure bicycle storage. Block 15 is also on track to achieve the Built Green Gold certification and is expected to exceed the current National Energy Code by 20% in energy and emissions savings.

Block 15 development. Images courtesy of Gracorp Properties | PBSA News
Block 15 development. Images courtesy of Gracorp Properties.

This acquisition means that Harrison Street will own the two closest assets to the University of Calgary, one of the most prestigious research universities in the country and home to over 35,000 students, with enrolment that has consistently outperformed Canada’s average university growth over the past five years.

“We are thrilled to expand our presence at the University of Calgary with this investment in Block 15, a luxury development that will be located across the street from our previously acquired asset, ARIA.

“The University District is one of the premier communities in the entire Calgary market and continues to attract new residents at a fast pace. That growth has been coupled with an increased demand for high-quality housing options close to the University’s campus. We believe Block 15 will serve as an attractive housing option to young professionals and students, who will be able to walk to campus or their job and have easy access to food, entertainment and outdoor space.” 

Jonathan Turnbull, Head of Transactions and Business Development, Canada of Harrison Street

To date, Harrison Street’s Canada Alternative Real Estate Fund has closed on investments valued in excess of CAD$925m since launching in 2021. The Fund is targeting investments in student housing, senior living, medical office, life sciences, storage and digital assets throughout Canada.

Gracorp is the real estate development subsidiary of the Graham Group – one of Canada’s largest and most respected construction companies. Its expansive portfolio stretches across residential and commercial developments in Alberta, British Columbia and Washington.