A new luxury multifamily project is taking shape near Mesa’s original light rail terminus, combining upscale housing with transit accessibility and local cultural flavor. Here’s what real estate investors need to know:
Project Overview
- Name: Ovio at Sycamore Station
- Location: Main Street and Dobson Road, Mesa, AZ
- Units: 191 luxury apartments
- Stories: 5 stories
- Retail Space: Ground-floor retail facing Main Street
Strategic Advantages for Investors
- Transit-Oriented Development (TOD): Adjacent to the Sycamore light rail station—enhancing rental appeal to car-free tenants and reducing vacancy risk.
- Walkability: Situated in Mesa’s growing Asian District and just a short walk to H Mart, making it attractive for culturally driven renters.
- Land Use Evolution: The site was a large, underutilized parking lot that has been reimagined as part of a smart growth redevelopment strategy approved in 2021.
Development Timeline & Ownership
- Developer: Pride Ventures LLC
- Land Purchase: Acquired 6.5 acres for $3.8 million
- Construction Start: May 2023
- Expected Completion: Fall 2025
Market Insight for Arizona Investors
- This infill project is a model for urban intensification along the Valley Metro line.
- With high construction costs still squeezing supply pipelines, projects that integrate housing and transit are positioned to command premium rents while aligning with regional smart growth plans.
- Ground-floor retail will add long-term value and activate street-level engagement, a plus for property managers looking to attract tenants seeking community amenities.