TEMPE, AZ - Transwestern Development Company broke ground on a 333-unit multifamily community at Tempe’s Novus Innovation Corridor on the Arizona State University Tempe campus. TDC, along with equity partners Griffin Capital and University Realty, will begin construction this month on the seven-story building located on 2.36 acres at the southeast corner of 6th Street and Rural Road.
“We are excited to expand our presence in the greater Phoenix market,” said TDC Development Associate John Beckworth. “Tempe continues to experience increased demand for quality multifamily product due to the market’s high levels of in-migration. We look forward to delivering another attractive housing option in Tempe.”
“Tempe continues to be one of the fastest growing cities in the county driven by strong job growth and continued investment from Arizona State University. We are thrilled to partner with Transwestern, University Realty, and Catellus in this exciting opportunity to provide additional rental housing for Tempe residents,” commented Eric Kaplan, President of Griffin Capital.
The mid-rise complex will feature a host of amenities, including a resort-style pool with a clubhouse including a gourmet kitchen, a state-of-the-art fitness center, a coworking lounge, package lockers, and bike storage. Each unit will include a washer and dryer, stainless steel appliances, quartz countertops, and hardwood-style flooring.
“This is an important residential project that will add more housing and amenities to Novus, which promises to be a transformational development in Tempe,” said Jay Donnelly, Vice President of Real Estate Development at Arizona State University.
Located approximately five miles from Phoenix Sky Harbor International Airport and walking distance from the University Drive metro light rail line, the project is situated in the master-planned Novus Innovation Corridor, a 10-million-square-foot, 355-acre mixed-use development adjacent to Arizona State University’s Tempe campus. Nearby attractions include Novus Place, a main street retail district, Sun Devil Stadium, Desert Financial Arena, and the university’s recently opened Mullett Arena.
“Transwestern is a valued partner to Novus, delivering exceptional residential communities in a high-demand market,” said Charley Freericks, Senior Vice President of Catellus Development Corporation, the master developer of Novus. “The third phase of Novus is nearly complete and Transwestern is helping us get to the finish line.”
Under the terms of the agreement, the project will be developed on a ground lease with a primary term of 99 years.
This marks TDC’s second development in the Novus Innovation Corridor in the past year, with a 200-unit multifamily community also underway at 651 E. 6th St. Transwestern Real Estate Services, specifically Bill Zurek and Jim Achen, continues to be instrumental in TDC’s success in the greater Phoenix market. TDC currently has 14 multifamily projects totaling 4,366 units under construction, in pre-development, or recently delivered nationwide, including 1,089 units in the West region. TDC’s total sales value has amounted to over $8.4 billion.