This mixed-use development under construction at Arizona State University in Tempe is adjacent to the school’s main campus and will feature 407 units.
EdR, a developer, owner and manager of collegiate housing communities, announced it has started construction on a community adjacent to Arizona State University in Tempe in a joint agreement with Opus Development Company LLC.
Located on the north edge of the ASU main campus, the project is only one block to Mill Avenue, the downtown entertainment and retail district, and two blocks to the light rail transit. The development will feature 407 residential units ranging in size from 414 sq. ft. (38.5 sq m) to more than 1,300 sq. ft. (120.8 sq m). EdR will be 90 percent owner of the $164.9 million development and manage the community upon completion in summer 2018.
“This development will strengthen our position in Tempe, one of the most robust communities in Arizona, and home to one of the largest universities in the country,” said EdR Chief Executive Officer Randy Churchey. “Demand for highly amenitized communities is on the rise in Tempe, and with our partner, Opus, EdR expects this to be one of the top communities in the market.”
The community will feature amenities such as 24-hour fitness center, yoga studio, grilling area, a dog park, club rooms, a bike storage/work room, terrace deck cabanas, technology/wi-fi throughout the buildings, and 31,000 sq. ft. (2,880 sq m) of retail space.
“We're thrilled that this vibrant, edge-of-campus rental community is under way,” said Larry Pobuda, senior vice president, general manager, Opus Development Company LLC. “We designed a mixed-use project unique to the area that allows for an active, centrally located community within walking distance to all that Tempe has to offer.”
EdR owns and manages two additional communities in Tempe and Phoenix.
For more information, visit www.EdRtrust.com.