Chicago-based Harrison Street announced it has acquired two new student housing assets in Kingston, Ontario, via its open-ended Canada Alternative Real Estate Fund. Combined, the two adjacent properties known as “Division” and “Garrett” consist of 53 residential units and 145 beds. Both properties were recently completed (within the past year) and both are currently 100 per cent occupied.
This portfolio acquisition provides Harrison Street with direct exposure to Queen’s University—a top student market serving approximately 30,000 students, in an area with a notoriously low vacancy rate of 1 per cent.
“We are thrilled to announce the acquisition of these exceptional student housing communities in Kingston, marking another milestone for the Fund,” said Jonathan Turnbull, Head of Transactions and Business Development, Canada. “Through leveraging Harrison Street’s global experience and relationships in the student housing sector, we continue to focus on finding compelling investment opportunities and expanding our portfolio into high-growth markets across the country. This project not only strengthens our growing presence but underscores our commitment to providing excellent living spaces that cater to the unique needs of students.”
Varsity Communities, one of the leading PBSA operators in Canada, will oversee property management for both the Division and Garrett properties. Founded in Kingston in 2003, the company has gained significant student housing experience and currently manages 1,959 beds in Kingston and 4,004 beds throughout Ontario.
“Our Varsity team is thrilled to begin operating Canadian PBSA’s with Harrison Street. Jonathan and his team have selected an exceptional asset in a highly desirable location in the heart of the Kingston’s University District,” said A.J. Keilty, President & CEO, Varsity Communities. “We look forward to providing residents at this new community with an exceptional programmatic living experience.”
Following this transaction, Harrison Street’s open-ended Canada Alternative Real Estate Fund has closed on investments valued in excess of CAD$1.0 billion since launching in 2021. The fund has invested in over 1,200 student housing beds, nearly 1,000 senior housing units, 220,000 square feet of medical office space, and over 77,000 square feet of life sciences.
