A joint venture between Trinitas Ventures and Mitsui Fudosan America is about to start construction on Astria Tempe, a 27-story, 380-unit student housing community in Tempe, Ariz. First residents are slated to move in starting summer 2027.
Partners on the project include general contractor Layton Construction Co and architect of record Niles Bolton Associates. TSB Capital Advisors arranged equity, while BMO Bank provided construction financing.
The joint venture recently acquired the land for the development. The partnership paid $6 million for the 0.6-acre vacant parcel, according to Phoenix Business Journal.
The tower will rise at 211 E. Seventh St., within walking distance of the Arizona State University at Tempe campus and less than 1 mile form Mountain America Stadium. Downtown Phoenix will be 11 miles away, while the Phoenix Sky Harbor International Airport will be within 5 miles.
Upon delivery, the high-rise will encompass studio, one-, two- and three-bedroom floorplans. Apartments will feature in-unit laundry facilities, with select layouts to also include private balconies. Common-area amenities are to comprise a swimming pool, spa, fitness center and coworking space, as well as social lounges. The property will also have 3,000 square feet of ground-floor retail space.
Astria Tempe marks Trinitas Ventures’ second project in the city. In 2021, the firm completed the construction of Atmosphere, a 252-unit, 530-bed student community that is adjacent to the new development.
Arizona State University’s campus at Tempe had 2,076 beds underway at the end of the first quarter of this year, ranking third nationally in terms of construction activity. The school’s pipeline accounted for 3.7 percent of its 56,643 total enrollment.
One of the developments that is set to come online next fall is Subtext’s VERVE Tempe. The 240-unit, 769-bed community is rising 1 mile from Astria Tempe.
Mitsui Fudosan America has signed or renewed three tenants at 1251 Avenue of the Americas in deals totaling almost 200,000 square feet.
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