TEMPE, ARIZ. — University Partners has acquired Canvas Tempe, an 826-bed student housing community located near the Arizona State University campus in Tempe. A joint venture between Toll Brothers and Harrison Street sold the asset for an undisclosed price.
Built in 2021, the community offers a mix of studio, one-, two-, three- and four-bedroom units with bed-to-bath parity. Shared amenities include a rooftop oasis, jumbotron, e-sports lounge, sauna room, spray tan facility and innovation lab.
Tim Bradley, Shawn Sweeney and Steve Hovanec of TSB Capital Advisors arranged financing for the acquisition on behalf of University Partners. TSB Realty brokered the transaction.
“Canvas marks our third acquisition in recent years in the Tempe market and is an excellent complement to our growing portfolio,” says Troy Manson, principal of University Partners.