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

Canvas is only a 3-minute walk from Arizona State University in Tempe, Arizona. It will provide students with 826 beds, a fitness center, a rooftop swimming pool and a convenience deck, barbecue 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 obtained construction loan facilities from MidFirst Bank, Fifth Third Bank NA and Trustmark Bank. Toll Brothers' internal finance department arranged debt and equity financing. TSB Capital Advisors acted as an advisor to Toll Brothers.

Covering an area of ​​3.4 acres, Canvas will provide 263 units with a total of 826 beds, equipped with modern furniture suites, quartz countertops, private bedroom door locks, walk-in closets, computer controlled access control, smart TV, central air conditioning, private bedrooms and Bathroom, built-in washer/dryer, hardwood floors, high-speed internet and stainless steel appliances.

The community will have a six-story, 469-story parking garage. Fitness center; club room with e-sports lounge; rooftop swimming pool and convenience deck; business center; coffee shop/lounge; retail space on the first floor; courtyard and fire pit; barbecue station; electronic package lockers; private study room; and Bicycle storage.

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

The pre-lease is in progress and is expected to be delivered in autumn 2021.