The joint venture of Toll Brothers Campus Living and Harrison Street is set to develop Canvas, an 826-bed, luxury student housing community in Tempe, Ariz. Toll Brothers’ finance department secured a construction loan from MidFirst Bank, Fifth Third Bank and Trustmark Bank. TSB Capital Advisors assisted Toll Brothers in the transaction.
The apartments at Canvas are set to include quartz countertops, walk-in closets, smart access, central air conditioning, washer/dryer units, hardwood-style floors and stainless steel appliances. Planned amenities include including a fitness center, clubroom, rooftop pool, business center, lounge, fire pit, grilling stations, study rooms and bike storage. The asset will also have a 469-space parking garage.
Located at 1028 E. Orange St., on 3 acres, the site is within walking distance of Arizona State University. The 263-unit development is also 8 miles from Phoenix Sky Harbor International Airport.
Toll Brothers and Harrison Street partnered with developer Subtext to build Canvas. Toll Brothers is also set to manage the property along with Cardinal Group Management, which is handling leasing. Completion is scheduled for this fall.
In November 2020, Toll Brothers kicked off a 246-unit, Class A, multifamily project in Sleepy Hollow, N.Y. The development is scheduled for completion in 2022.