Harrison Street Biting on Student Housing Deals
Jonathan Turnbull hasn’t been losing any sleep over the Canadian student-housing market lately.
Turnbull, head of Canada for U.S.-based global institutional investor Harrison
Street, says the company has been highly active in the sector in recent months.
“Student is taking a disproportionate amount of our time, in part because the economics are working out, and they’re favourable on the development side of things, less so than on the acquisition of stabilized [student-housing assets],” said Turnbull during a panel discussion at the Connect Canada conference in Toronto.
“But, right now, the capital is coming in. It’s been reinvigorated post [federal] election to come into our base, and so that’s the spigots back on again.”
The company’s investment specialists are spending “all” of their time trying to allocate funds between investments in a bid to maintain a balanced portfolio.
“But the student stuff just keeps landing on my desk,” he said. “And, we’re struggling to keep up with that.”
Harrison Street focuses on non-traditional commercial real estate and investments. Student housing comprises about 40% of the firm’s investment portfolio, while seniors residences also represent 40% and mainly medical-office and life-science properties account for the remaining 20%.
Pictured: Harrison Street student-housing development project by Simon Fraser University in Burnaby, B.C.
Image: Harrison Street
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