Harrison Street purchases a new apartment in Calgary’s university district. | RENX


ARIA, a 286 unit apartment complex in Calgary’s university district, was acquired by a Harrison Street fund. (Courtesy of Harrison Street)

Harrison Street made its second acquisition with its Canada Alternative Real Estate Fund, a 286-unit apartment in the University district.

ARIA, a six-story building completed earlier this year, was purchased at an undisclosed price from Properties of Gracorp.

“What attracted us was to be part of what we believe to be one of the major communities in the entire Calgary market, where the university is starting from scratch to build it,” said the CEO and Head of Canadian Transactions at Harrison Street, Jonathan Turnbull. RENX.

“The people at Gracorp are great developers who build great assets and we’ve had a relationship with them.”

What ARIA offers

ARIA offers one, two and three bedroom units, underground parking and interior amenities including gym, yoga studio, living room, game room, large group kitchen, dining room, event and storage space.

Outside, a 20,000 square foot interior courtyard features barbecue areas, a pickleball court, pétanque court, stage, fire pit, sitting area, fountain and fenced animal play area and a washing facility.

ARIA was built in two phases. The first opened in September 2020 and the second followed earlier this year, according to Turnbull, who said the apartment was over 90% occupied.

“It was rented very quickly by any market standards, which is a testament to the quality of the location and the quality of the development itself.

The retail business on the ground floor of the property is owned by the University District Trust and includes a grocery store, liquor store, bank branch, and cafe.

Calgary University District

ARIA is the first rental property specially designed for young professionals and students in the 200-acre university district, where University of Calgary Real Estate Group ensures continuous development to optimize field performance for the benefit of the university’s academic mission.

ARIA is within walking distance of University of Calgary and adjacent to Alberta Children’s Hospital, quick service restaurants, personal service providers and a movie theater.

The University of Calgary Properties Group’s long-term plan for the University District is to create a diverse community with a mix of multi-residential, senior housing, office, entertainment, and corporate-owned land projects. university west of the campus.

University District is the first community in Alberta to reach LEED ND Platinum status.

“This is an area that we will continue to review and focus on to see if there are any additional agreements, because you cannot beat the partnership with the University of Calgary and what they are trying to build.” over there, ”Turnbull said.

Other residential developers in the university district

Houses by Avi, Brookfield Residential and Truman are involved in condominium projects in the university district, while The Brenda Strafford Foundation rents units in an assisted living facility that opened last year.

Homes By Avi condos are: Argyle, which has 151 studios, one, two and three bedrooms on top of nearly 30,000 square feet of retail space on the ground floor; and August, which has 107 one- and two-bedroom units.

Brookfield Residential Capella offers 140 units, while Ivy has 127 townhouse units.

that of Truman Squire will have 185 one, two and three bedroom units while MapleThe 95 one- and two-bedroom units will provide independent living for those 55 and over. Truman’s Noble townhouses and condos have all been sold.

The Brenda Strafford Foundation Cambridge Manor has 240 units and offers independent and assisted living services as well as enhanced and memory care services.

First investment of the Alternative Real Estate Fund Canada

The recently launched Canadian Alternative Real Estate Fund by Harrison Street completed its first close in August with the capacity to invest more than $ 550 million in seniors’ residences, student housing, medical practices, life sciences, storage and digital assets across Canada.

Turnbull said the open-ended fund has continued to raise capital and attract new investors since then and expects to announce another major investment soon.

The fund targets stabilized assets generating cash flow and may invest up to 35% of equity in value added strategies.

The fund can also be used for development projects such as its first investment, a 152-unit seniors housing project that started at 412 Sparks Street in Ottawa and is slated to open in 2024.

It is a partnership with Signature Retirement Life, which currently has seven properties operating in Ontario and two more in Calgary. The value of Harrison Street’s investment in the Ottawa project was not disclosed.

“We believe this will be the premier senior housing property in the Ottawa market,” said Turnbull.

“It’s in the classic Signature setup and format, where it’s mostly ISL (independent living with supportive services) with a bit of AL (assisted living) built into it. It is a high-end product.

Harrison Street and Gracorp

Harrison Street was founded in 2005 and focuses exclusively on alternative real assets. The investment management company is headquartered in Chicago and has offices in San Francisco, London and Toronto.

Harrison Street has more than 200 employees and approximately US $ 39 billion in assets under management. The senior management team owns a stake in the company, while Necklaces holds 75 percent.

Gracorp is the real estate development subsidiary of Graham Group. Its portfolio spans mixed-use, multi-residential, office, industrial and commercial developments in Alberta, British Columbia and Washington.


Comments are closed.