TEMPE, ARIZ., Dec. 19, 2022 (GLOBE NEWSWIRE) -- Transwestern Development Company (TDC®) will break ground on a 333-unit multifamily community at Tempe’s Novus Innovation Corridor on the Arizona State University Tempe campus in December 2022. 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.
Renderings are available for download here.
About Griffin Capital
Griffin Capital Company is a leading full-service real estate investment and management company that for nearly three decades has established a reputation for leadership and innovation led by a team of cycle-tested professionals with expertise in acquisitions, investment management, capital markets, financial reporting, legal, development, and construction management. Since 1995 the Firm has owned, managed, sponsored and/or co-sponsored approximately $23 billion in assets(1) across a wide range of real estate sectors and investment structures. The Company’s senior executives and employees have co-invested over $300 million in various investment verticals, aligning Griffin Capital’s interest with those of its investors.
Additional information is available at: www.griffincapital.com.
Includes estimated total project costs for assets under construction.
About University Realty
University Realty, LLC receives, cultivates, advances and monetizes commercial and residential real estate to support the mission of Arizona State University. The goal of each and every transaction is to bring more resources and more revenue to the table for education. These transactions create real impact for ASU faculty, students, research, and ultimately, our communities.
About Novus Innovation Corridor
Novus Innovation Corridor is a 355-acre, multi-phased development, which at completion will encompass more than 10 million square feet of urban mixed-use developments. Strategically integrated with the ASU campus on Tempe Town Lake, the Novus Innovation Corridor is a partnership between master developer Catellus Development Corporation and Arizona State University, ranked as the nation’s “Most Innovative University” by U.S. News and World Report. The University Real Estate Development Office leads ASU’s Novus activities.
Catellus will oversee the development of approximately 8 million square feet of additional new development in Tempe. Novus will include a variety of sustainable urban neighborhoods that feature office, retail, hospitality and residential activities, creating the potential to bring nearly 34,000 new jobs and 5,000 new residents to the thriving downtown Tempe community. Additionally, Novus will feature a main street retail district, Novus Place, nestled in the core of the development. As Novus’ “live, shop, dine” epicenter, Novus Place is designed to be an energetic, mixed-use, pedestrian-friendly district. Novus is an ideal opportunity for companies to collocate and collaborate with Arizona State University around its knowledge assets.
For more information about the Novus Innovation corridor and development opportunities, visit NovusASU.com, call (480) 566-9900 or email NovusASU@catellus.com.
About Transwestern Development Company
Transwestern Development Company (TDC®) creates value through the execution of development projects for itself, its partners and valued clients throughout the United States. Part of the Transwestern companies, the diversified business develops logistics, multifamily, office, mixed-use and healthcare properties, with a pipeline of projects in process or completed since 2012 exceeding $9.07 billion.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, investment management, and opportunistic endeavors for high-net-worth investors. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.
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