CanAm Capital Partners, the private equity affiliate of CanAm Enterprises, has provided $30 million in private equity capital for the construction of a 293-unit, 1,086-bed Class A student housing property adjacent to the main campus of Florida International University in the Miami metro area.

The Capital is provided to an affiliate of Toll Brothers, Inc., through its Toll Brothers Campus Living division for The Lapis, a purpose-built facility in Sweetwater, FL. Proceeds will be used for the construction of the $151-million project, which is scheduled for completion in the third quarter of 2022.

 “The Lapis is a strategic project that will serve the growing demand for student housing in the FIU market,” said John Reid, director of project development at CAC. FIU has been recognized as the fastest growing university in Florida, with its enrollment jumping nearly 30% over the last decade.