A major new development is underway in the heart of Tempe that investors should keep an eye on. The Modera Rio Salado project is bringing hundreds of new rental units to a prime location near downtown and the lake.
đź“Ť Key Details
- Location: Rio Salado Parkway & Hardy Road, Tempe
- Units: 319 apartments (1-, 2-, and 3-bedroom)
- Size: Average unit size ~996 sq ft
- Amenities:
- Rooftop pool and spa
- Fitness studio
- Pet park
- Coworking space
- 3,500+ sq ft of retail space
- Completion: First move-ins expected Winter 2025
đź’ˇ Why It Matters for Investors
- Prime Location: Walking distance to Tempe Town Lake, ASU, and downtown—high rental demand zone.
- Mixed-Use Appeal: Onsite retail adds value and convenience for residents.
- High-End Amenities: Designed for professionals, pet owners, and remote workers—ideal tenant profile.
- Growth Corridor: Tempe is a development hotbed with rising rental rates and limited land supply.