A US student housing partnership between Harrison Street and Toll Brothers has sold an 826-bed student housing community to University Partners.
The partnership established in December 2020 has sold Canvas Tempe at Arizona State University for an undisclosed amount.
The Canvas Tempe project, the partnership’s first venture, was completed and delivered by August 2021.
Ben Mohns, head of asset management North America at Harrison Street, said: ”The residual concerns about COVID-19 triggering declining enrollment have been put to rest, especially in the highly selective schools that Harrison Street targets.
“The student housing sector is experiencing record-breaking enrollment, 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.”
Toll Brothers entered the joint venture through its Toll Brothers Campus Living student housing division.
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