Trinitas Ventures is bringing a major multifamily development to the heart of Tempe—just steps from Arizona State University. Here’s what real estate investors need to know:
🏗️ Project Overview
- Developer: Trinitas Ventures (Indiana-based)
- Location: 211 E. 7th St., Tempe – directly across from ASU
- Height: 27 stories
- Units: 380 multifamily apartments
- Name: Astria Tempe
- Completion Target: Summer 2027
💰 Deal Details
- Land Cost: $6 million for 0.61 acres
- Design & Construction:
- Architect: Gensler (design) + Niles Bolton Associates (record)
- General Contractor: Layton Construction
- Ground-Floor Retail: 3,000 sq. ft. planned
🏊 Amenities Galore
- Pool & spa
- Fitness center
- Dog exercise zones
- Co-working space
- On-site garage parking (some reserved for All Saints Catholic Newman Center)
📉 Why It Matters Now
- Permitting Slowdown: Metro Phoenix multifamily permits are down 28% YOY (only ~550 units permitted through Feb 2025).
- Tempe Demand: Vacancy rates remain steady (~7.1%), and ASU enrollment keeps climbing, signaling long-term rental demand.
- Investor Insight: While other submarkets risk overbuilding (e.g. Goodyear, Glendale), North Tempe remains a strong bet.
📊 Market Perspective
- Developers like Trinitas and Empire Group are playing the long game, planting seeds now for demand expected in 2026–2027.
- Supply pipeline is slowing—setting the stage for strong absorption and potential rent growth down the line.
📍Investor Takeaway: Despite a softening in permits, strategic developments like Astria Tempe signal confidence in Tempe’s rental market. Investors should monitor this submarket closely for buy-and-hold and rental opportunities near ASU, especially as student and workforce housing demand persists.