REBusinessOnline

Toll Brothers, Harrison Street to Develop 826-Bed Student Housing Community in Tempe

Canvas-Tempe-AZ

Situated a three-minute walk from Arizona State University in Tempe, Ariz., Canvas will feature 826 beds for students, a fitness center, rooftop pool and amenity deck, grilling stations and private study rooms.

TEMPE, ARIZ. — Toll Brothers Campus Living and Harrison Street have formed a joint venture to develop Canvas, a student housing community adjacent to Arizona State University (ASU) in Tempe.

The joint venture has secured a construction loan facility from MidFirst Bank, Fifth Third Bank N.A. and Trustmark Bank. Toll Brothers’ in-house finance department arranged the debt and equity financing. TSB Capital Advisors served as advisor to Toll Brothers.

Situated on 3.4-acres, Canvas will feature 263 units totaling 826 beds with a modern furniture package, quartz countertops, private bedroom door locks, walk-in closets, computer-controlled access, smart television, central air conditioning, private bedrooms and bathrooms, in-unit washer/dryer, hardwood-style floors, high-speed internet and stainless steel appliances.

The community will feature a six-level, 469-stall parking garage; fitness center; clubroom with an e-sports lounge; rooftop pool and amenity deck; business center; café/lounge; ground-floor retail space; courtyard and fire pit; grilling stations; electronic parcel lockers; private study rooms; and bike storage.

The joint venture has partnered with Subtext, a real estate development company focused on living spaces for students and young professionals. Toll Brothers Campus Living will manage the development, construction and marketing, as well as asset management. Cardinal Group Management will act as the leasing and property manager.

Pre-leasing is underway, with delivery slated for fall 2021.

Get more news delivered to your inbox. Subscribe to France Media's e-newsletters. Click here.



Related News

Webinars on Demand


Conferences


Read the Digital Editions

Heartland Recent Issue

Northeast Recent Issue

Southeast Recent Issue

Texas Recent Issue

Western Recent Issue

Shopping Center Business

California Centers

Ancillary Retail

Student Housing Business

Seniors Housing Business

Featured Properties