Big news in Tempe: Two new high-rise student housing towers could soon rise across from Arizona State University. Here’s what investors should know:
📌 Project Overview: “The Leo”
- Developer: Up Campus Properties (Chicago-based)
- Location: 3.61 acres at the corner of South Rural Road & East University Drive
- Name: The Leo
- Height: Two towers, each 20 stories tall
- Units: 786 bedrooms (studio to 4-bedroom units, rented by bedroom)
- Retail: 14,000 sq ft of ground-floor space with dual street access
- Parking: 921-space structure with EV chargers and solar panels
🏊 Amenities & Design
- Outdoor Courtyard
- Amenity decks on both towers
- Two pools
- Jogging track atop the parking garage
- Designed by: Dwell Design Studios
🛣 Development Timeline & Context
- Current Use: Gas station, pizzeria, tattoo parlor (may relocate into new building)
- Pending Approvals: Tempe Development Review Commission (May 13), followed by City Council
- Land Deal: Parcel acquisitions contingent on city approval
🏢 Nearby Competition
- Astria Tempe: A separate 380-unit tower by Trinitas Ventures (not student housing), located less than a mile away, expected by summer 2027
Investor Insight:
- This signals strong demand near ASU, potentially reducing vacancy risk for existing student rentals.
- Expect increased competition for tenants in 2027 as both The Leo and Astria come online.
- Strategic positioning and amenities are key to staying competitive.