Harrison Street and Toll Brothers announce sale of Canvas Tempe

Harrison Street and Toll Brothers have recently announced that their Arizona-based Canvas Tempe purpose-built student accommodation development has been sold.

Communal area at Canvas Temple PBSA scheme | PBSA News
Communal area at Canvas Temple PBSA scheme.

Investment management firm Harrison Street and building firm Toll Brothers have recently announced that their Arizona-based luxury purpose-built student accommodation (PBSA) development Canvas Tempe has been sold to University Partners.

Canvas Tempe, the 826-bed PBSA community at Arizona State University was built in 2021. It is nearly 100% preleased for the 2023-2024 academic year and was the first joint venture between Harrison Street and Toll Brothers.

The companies embarked on the venture in December 2020, and the project was completed and delivered by August 2021.

“The residual concerns about COVID-19 triggering declining enrolment have been put to rest, especially in the highly selective schools that Harrison Street targets. The student housing sector is experiencing record-breaking enrolment, occupancy and rent growth. This illustrates the resilience of student housing in an uncertain macroeconomic environment and the continued success of Harrison Street’s investment thesis.”

Ben Mohns, Head of Asset Management North America, Harrison Street

Since inception, Harrison Street has invested over $20.7bn across approximately 400 properties, totalling over 216,400 beds in education and student housing assets at leading universities throughout North America and Europe.

Earlier this month, the company and Core Spaces acquired land to begin works on The Hub Tucson V PBSA scheme.