Subtext to Develop 769-Bed Community in Phoenix
The company obtained $99.3 million in construction financing for this project.
Subtext is developing VERVE Tempe, a 240-unit, 769-bed student housing property in Tempe, Ariz.
The community, which will serve the Arizona State University, will break ground soon and is expected to come online in the fall of 2026.
Kennedy Wilson and Odyssey Reinsurance Co. provided $99.3 million in construction financing for this project, according to Maricopa County records.
Partners on the project include general contractor Brinkmann Constructors and architecture firm ESG Architecture & Design. Last year, the developer appointed the same firms for the construction of VERVE II, a 449-bed project in West Lafayette, Ind.
This marks the company’s second student housing development in the market, after delivering Canvas in 2021. That community features 827 beds and is adjacent to VERVE Tempe’s site.
A community close to the ASU campus
The project consists of a 15-story building with studio, one-, two-, three- and four-bedroom layouts. The mid-rise will also include more than 2,000 square feet of street-level retail space.
Common-area amenities at the transit-oriented community are set to comprise a coffee bar, dedicated study space with booths, pods and collaboration rooms, game room with golf simulator and rooftop swimming pool with deck. The building will also have a two-story fitness and wellness center with spa, sauna and yoga studio.
The community will rise on almost 1 acre at 1011 E. Orange St., within walking distance of the Arizona State University at Tempe campus and 1 mile from the Mountain America Stadium. Downtown Tempe will be some 2 miles away, while the Phoenix Sky Harbor International Airport will be within 5 miles.
