Transwestern Starts Project in Tempe
By: Multi-Housing News
The 333-unit mid-rise community will be part of the Novus Innovation Corridor adjacent to Arizona State University.
Transwestern Development Co. has broken ground on its second project within a public-private mixed-use development in Tempe, Ariz. The company is working with equity partners Griffin Capital and University Realty to construct the seven-story community next to Arizona State University’s Tempe campus.
The 333 units will be built with stainless steel appliances, quartz countertops, hardwood-style flooring, and washer and dryers. The community’s amenities will include a pool, clubhouse, community kitchen, fitness center, coworking lounge, package lockers and bike storage. Transwestern is developing the community on a ground-lease with a primary term of 99 years.
Located on a nearly 2.4-acre site at the southeast corner of Sixth Street and Rural Road, Transwestern’s community will be within walking distance from the University Drive metro light rail line. Residents will be five miles away from the Phoenix Sky Harbor International Airport, as well as near local attractions like the shopping district Novus Place, Sun Devil Stadium, Desert Financial Arena, and the recently-opened Mullett Arena.
Transwestern Development’s project will be part of the Novus Innovation Corridor that’s located next to Arizona State University’s Tempe campus. The 10 million-square-foot mixed-use development will stretch 355 acres and is being developed by a public-private partnership between Arizona State University and Catellus Development Corp.
Second Community in Innovation Corridor
This community is Transwestern’s second development in the Novus Innovation Corridor. Last year, the company broke ground on a 200-unit community at 651 E. Sixth St in Tempe. The company is also working with University Realty on the project, which will also be a part of the Novus Innovation Corridor when it’s completed towards the end of 2023.
Besides its Tempe projects, Transwestern currently has 14 multifamily projects totaling 4,366 units either under construction, in pre-development or recently delivered. The company’s development pipeline includes a five-story multifamily project totaling 158 units in Washington, D.C. being developed by an affiliate company. It is expected to deliver in the spring of 2023.