Harrison Street JV Lands Refi for Tempe Student Community
The community serves the state's largest university.
A joint venture between Trinitas Ventures and Harrison Street Asset Management has obtained a floating-rate bridge loan to refinance Atmosphere Tempe, a 530-bed student housing community in Tempe, Ariz. TSB Capital Advisors arranged the deal, while PGIM originated the debt.
Previous financing included a $63.5 million loan from BMO Bank dating back to April 2022, according to Yardi Matrix data. That note was set to mature last year. The developers also took out a $53.2 million construction loan from PNC Bank in 2019.
Located at 707 S. Forest Ave., the 20-story, 252-unit building is within walking distance of the Arizona State University campus and downtown Tempe. The property is also close to Mountain America Stadium and multiple dining and retail options.
LISTEN TO: Earlier Leasing, Tougher Competition for Student Housing in Early 2026
Completed in 2021, the high-rise comprises studio, one-, two-, three- and four-bedroom floorplans ranging from 353 to 1,156 square feet, as well as almost 5,000 square feet of retail space. Apartments are fully furnished, while select layouts also have private balconies or patios.
Common-area amenities include a rooftop swimming pool and hot tub, sundeck with lounge seating and grilling stations and a fitness center. The building also has private study lounges, a computer lounge and a coffee bar.
As of May, Arizona State University’s preleasing rate reached just 69.9 percent, 9.4 percent below last year’s rate during the same month, according to a recent Yardi Matrix report. The school’s rent per bed increased 2 percent year-over-year, despite registering a leasing season average rent growth of -5.3 percent.
Harrison Street’s recent student housing deals
Harrison Street has invested more than $24.3 billion across 431 properties in North America and Europe since its founding, totaling about 238,000 beds. The company’s current portfolio comprises $109 billion in assets under management.
A few months ago, the company sold a 12-property, 7,578-bed portfolio for $910 million, marking the largest student housing transaction for the asset class so far this year. A partnership between an Ares Real Estate fund and The Scion Group acquired the collection spanning 10 states.
