News Summary

Tempe, Arizona, is set to welcome Astria Tempe, a new 27-story student housing community, as construction begins following project approval. The development, a collaboration between Trinitas Ventures and Mitsui Fudosan America, will provide 380 residential units catering to Arizona State University students. Conveniently located near campus with various amenities, the project reflects the growing demand for student housing in the area, which includes additional developments to accommodate a rising student population.

Tempe’s Astria Tempe Student Housing Project Set to Move Forward Following Approval Process

Tempe, Arizona – Construction on the Astria Tempe, a new 27-story student housing community, is set to begin following the recent approval of the project. This development, a joint venture between Trinitas Ventures and Mitsui Fudosan America, will feature 380 residential units primarily aimed at students attending nearby Arizona State University (ASU).

The Astria Tempe project is strategically located at 211 E. Seventh St., less than a mile from Mountain America Stadium and 11 miles from downtown Phoenix, making it a prime location for student living. Construction efforts will be spearheaded by Layton Construction Co., with architectural design by Niles Bolton Associates. The development is expected to welcome its first residents in the summer of 2027.

In funding the project, TSB Capital Advisors has arranged equity, while BMO Bank is providing essential construction financing. The partnership recently acquired a 0.6-acre vacant parcel for the development for $6 million, emphasizing the project’s commitment to enhancing student housing options in the area.

Project Features and Amenities

Upon completion, Astria Tempe will offer a variety of apartment floor plans, including studio, one-, two-, and three-bedroom options. The apartments will feature in-unit laundry facilities, and several configurations will include private balconies for residents. In addition to living units, the community will include robust common-area amenities such as a swimming pool, spa, fitness center, coworking space, and social lounges.

To further enhance the neighborhood’s vibrancy, the ground floor of Astria Tempe will incorporate 3,000 square feet of retail space, providing residents with convenient access to shopping and services.

Context and Construction Trends

The Astria Tempe development is notable as Trinitas Ventures’ second project in Tempe, following the completion of its first community, Atmosphere, in 2021. This ongoing commitment reflects a broader trend of increasing student housing demand within the ASU area. As of the end of Q1 2023, ASU’s Tempe campus had 2,076 beds under construction, ranking it third nationally for student housing construction activity.

With an enrollment of 56,643 students, the housing pipeline at ASU represents 3.7% of the total student population. This indicates a significant demand for quality student accommodations, further underscored by another nearby development, Subtext’s VERVE Tempe, which will provide 240 units and 769 beds for students.

Looking ahead, plans are in place for a separate student housing project named The Leo, which is scheduled to undergo discussions by the Tempe Development Review Commission on May 13. This continuous growth in student housing options mirrors the increasing enrollment at ASU and reinforces the area’s position as a key location for student living.

As the construction of Astria Tempe moves forward, the community looks to benefit from the influx of new residents and the revitalization of the student housing landscape in Tempe, promoting a thriving environment for current and future students.

Deeper Dive: News & Info About This Topic

HERE Resources

Alabama State University to Build New Student Housing
Tempe Plans Two-Tower Student Housing Development
New Apartment Tower to Enhance Downtown Tempe

Additional Resources

• Multi-Housing News: Trinitas & Mitsui Fudosan Develop Phoenix Student Project
• ABC15: Proposed Student Housing Towers Near ASU Set for Tempe Review
• AZ Central: New Tempe ASU Apartments
• State Press: Community New Herberger Dorm
• Wikipedia: Arizona State University