Toll Brothers Campus Living and Harrison Street Announces Form Joint Venture to Develop 263-Unit Student Housing Community in Tempe, AZ
January 14, 2021 at 01:30 pm
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Toll Brothers, Inc. and Harrison Street announced the formation of a new joint venture to develop Canvas, a 263-unit, 826-bed luxury student housing community adjacent to Arizona State University (ASU) in Tempe, AZ. Toll Brothers Campus Living develops communities that combine modern amenities and strategic community design to fit the needs and lifestyle of students. The joint venture is excited to partner with Subtext, a real estate development company creating innovative solutions for students and young professionals to live, thrive, and connect. Toll Brothers Campus Living will manage the development, construction and marketing, and perform asset management. Cardinal Group Management will act as the leasing and property manager. The joint venture has secured a construction loan facility from MidFirst Bank, as Administrative Agent, Fifth Third Bank, National Association, and Trustmark Bank. The debt and equity financing were arranged by Toll Brothers’ in-house Finance Department. TSB Capital Advisors served as advisor to Toll Brothers. Canvas is situated on a 3.37-acre site just a three-minute walk from ASU’s campus and near surrounding restaurants, bars, coffee shops, retail and entertainment options. The community will include a 6-level 469-space parking garage and offer luxury amenities, including a state-of-the-art fitness center, clubroom with an Esports lounge, rooftop pool and amenity deck, business center, café/lounge space, ground floor retail, courtyard and fire pit, grilling stations, electronic parcel lockers, private study rooms and bike storage. Unit amenities will include 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, stainless steel appliances and a microwave oven.
Toll Brothers, Inc. is a builder of luxury homes. The Company designs, builds, markets, sells and arranges financing for an array of luxury residential single-family detached home, attached home, master-planned, and urban low-, mid-, and high-rise communities. The Company operates its own architectural, engineering, mortgage, title, land development, insurance, smart home technology and landscaping subsidiaries. It also develops master-planned and golf course communities as well as operate, in certain regions, its own lumber distribution, house component assembly and manufacturing operations. The Company also caters to urban and suburban renters under the brand names Toll Brothers Apartment Living and Toll Brothers Campus Living. It designs, builds, markets, and sells high-density, high-rise urban luxury condominiums with third-party joint venture partners through Toll Brothers City Living (City Living). The Company operates in approximately 24 states and in the District of Columbia.