Construction starts on $165M rental community in Arizona
Jan 27,2017 – US-based developer EdR in an agreement with Opus Development Company has begun construction on a community project adjacent to Arizona State University (ASU) in Tempe, Arizona.
Estimated to cost $164.9M, the development will feature 407 residential units ranging from 38 sq m to over 120 sq m. EdR owns 90% of the project.
Strategically located on the north edge of the ASU main campus, the community will include a 24-hour fitness center, a yoga studio, grilling area, a dog park, club rooms, bike storage / work room, terrace deck cabanas, and 2,880 sq m of retail space.
EdR CEO Randy Churchey said: “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.
“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.”
Upon completion in mid-2018, EdR will manage the project.