Aptitude Development Kicks Off Tempe Student Housing Project
The developer acquired the site for $13.3 million.
Aptitude Development has started construction on The Marshall Tempe, a 485-bed student housing project near Arizona State University’s Tempe, Ariz., campus. Development partners include architecture firm BKV Associates and engineering company CHA Consulting.
The project will rise on 1.4 acres on the former site of a 72-key hotel. According to public records, the developer purchased the land for $13.3 million with help from an $8 million loan originated by Maxim Capital Group.
The 7-story community is set to come online by fall 2026 and will include studio, one-, two-, three- and four-bedroom layouts, Yardi Matrix information shows. Marshall Tempe is set to feature a swimming pool, multiple study lounges, a cold plunge and sauna, along with a fitness center.
The development is at 1031 E. Apache Blvd., within walking distance of the Arizona State University’s campus and 1 mile from Mountain America Stadium. The Centerpoint on Mill and Tempe Marketplace shopping centers are within 2.5 miles, while Phoenix Sky Harbor International Airport is less than 6 miles northwest. Canvas Tempe, an 826-bed student housing asset that traded last year, is half a mile away.
The Marshall Tempe marks Aptitude’s 11th ground-up development. In February last year, the company announced plans for a 508-bed, off-campus student housing project in St. Louis. That community is expected to come online next fall.
