Transwestern JV Completes Phoenix-Area Luxury Project
The community joins a major master-planned development on the Arizona State campus.
Transwestern Development Co., in partnership with Globe Corp. and University Realty, has completed Vero, a 199-unit luxury community in Tempe, Ariz. Greystar handles management and leasing at the Class A property, with the first move-ins currently underway.
Development work started in 2021, with MT Builders having served as general contractor. The same year, the partnership secured $35.3 million in construction financing from Bankers Trust Co., according to Yardi Matrix.
The seven-story building at 651 E. Sixth St. includes studio, one- and two-bedroom floorplans ranging from 352 to 930 square feet. Apartments feature hardwood flooring, quartz countertops, washers and dryers, digital locks and stainless-steel appliances, with select units including custom built-ins, Murphy beds and balconies.
Community amenities feature a clubhouse with pool table and wet bar, a coworking space with two conference rooms, a fitness center, a swimming pool with lounge area, bike storage, a dog wash station and 139 parking spots.
Vero came online on a 1-acre parcel within Novus Innovation Corridor, a 355-acre master-planned development at Arizona State University’s campus. The mixed-use campus will total 10 million square feet upon completion.
The community is close to multiple dining and retail options, as well as to multiple bus and light rail stations. Phoenix Sky Harbor International Airport is some 5 miles away and downtown Phoenix is within 11 miles.
Recent construction activity in the Valley
Multifamily deliveries reached a new decade-high mark in Phoenix, with developers completing 11,980 units through November last year, a recent Yardi Matrix report shows. Meanwhile, the under-development pipeline totaled 35,088 units, with the upscale lifestyle segment accounting for 91.1 percent of supply.
Last month, another joint venture broke ground on a luxury project in the area, the 401-unit Ray Phoenix. Ray and VeLa’s development is backed by a $80 million construction loan.
