EdR to Develop Edge-of-Campus Housing Near ASU
- Jan 27, 2017
Tempe, Ariz.–In a joint agreement with Opus Development Company LLC, student housing developer, owner and manager EdR has commenced construction on a new mixed-use rental community in Tempe, Ariz. The community is on the north edge of the Arizona State University (ASU) main campus, Memphis, Tenn.-based EdR stated.
The $164.9 million project will offer 407 residential units that will extend from 414 to more than 1,300 square feet in size. EdR will not only own 90 percent of the community, but will manage the multifamily development as well. Completion is slated for summer of 2018. EdR already owns and manages communities in Tempe and Phoenix.
The development’s location should be a selling point. It is one block to Mill Avenue, which represents the main downtown nightlife and shopping strip in Tempe.
A light rail station is just two blocks away from the development.
EdR chief executive officer Randy Churchey believes the development will fortify the company’s standing in Tempe. Among the most eclectic of all Arizona communities, Tempe is home to ASU, one of the nation’s largest universities. “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,” Churchey said.
The suite of common-area amenities offered by the community will include a 24-hour fitness center, yoga studio, grilling area, dog park, club rooms, bike storage/work room, terrace deck cabanas, up-to-the-minute technology and Wi-Fi throughout.
Some 31,000 square feet of retail space will also be housed in the property. “We’re thrilled that this vibrant, edge-of-campus rental community is under way,” Senior Vice President and General Manager of Opus Development Company LLC Larry Pobuda said. “We designed a mixed-use project unique to the area that allows for an active, centrally located community within walking distance to all that Tempe has to offer.”
EdR owns or manages 87 communities with more than 45,000 beds serving 54 universities across 25 states. The company is one of the country’s largest developers, owners and managers of student housing.