In a major development for the future of Tempe, Sundt Construction has sold a site on University Avenue to Opus Group, a family real estate group from Minnesota.
With this prime location close to Arizona StateÛªs Tempe campus, what plans do Opus have for the site?
Opus plans to build two towers encompassing over 400 apartments along with room for shopping and a restaurant for local Tempe Sun Devils. The school is certainly a thriving place for potential business.
Across all of Arizona State UniversityÛªs campuses, attendance adds up to more than 80,000 students overall with the Tempe campus alone holding roughly 50,000. This makes Arizona State University the largest public university based on enrollment. The university has also received significant national attention and praise recently by ranking first in the category ÛÏmost innovative schools in AmericaÛ from US News & World Report for two straight years.
This is far from the only recent major transaction in Arizona real estate, and it seems like the market is very active when it comes to apartments and hotels. This is a great sign for Arizona as a whole as new housing options are available to compete but are also being significantly invested in to improve.
Steeper competition means more variety, more options, and more quality for customers.
Opus GroupÛªs deal to buy the site came at the price of more than $15 million, but is seen as a great deal and value for the over 115,000 square feet and prime location next to a bustling and growing community and university with national stage attention.
With the university participating in many sports representing the Pac 12 conference, it is also not hard to believe the sports programs will be bringing in many visitors, something Opus GroupÛªs new location will be great for.