TEMPE, ARIZONA — University Partners announced today the acquisition of Canvas Tempe, an 826-bed student housing community located near the Arizona State University campus in Tempe. The property was acquired from a joint venture between Toll Brothers and Harrison Street for an undisclosed price.
TSB Realty brokered the transaction. TSB Capital Advisors arranged financing for the acquisition on behalf of University Partners.
Built in 2021, Canvas Tempe 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 an innovation lab.
“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.