TEMPE, AZ – EdR, one of the nation’s largest developers, owners and managers of high-quality collegiate housing communities, today announced it has started construction on a community adjacent to Arizona State University in Tempe in a joint agreement with Opus Development Company.

Strategically located on the north edge of the ASU main campus, the project is only one block to Mill Avenue, the downtown entertainment and retail district, and two blocks to the light rail transit. 

The development will feature 407 residential units ranging in size from 414 square feet to over 1,300 square feet. EdR will be 90 percent owner of the $164.9 million development and manage the community upon completion in Summer, 2018.

“This development will strengthen our position in Tempe, one of the most robust communities in Arizona, and home to one of the largest universities in the country,” said EdR chief executive officer Randy Churchey. “Demand for highly amenitized communities is on the rise in Tempe, and with our partner, Opus, EdR expects this to be one of the top communities in the market.”

The community will feature amenities such as 24-hour fitness center, yoga studio, grilling area, a dog park, club rooms, a bike storage / work room, terrace deck cabanas, state-of-the-art technology / wi-fi throughout the buildings, and 31,000 square feet of retail space.

“We’re thrilled that this vibrant, edge-of-campus rental community is under way,” said Larry Pobuda, senior vice president, general manager, Opus Development Company, L.L.C. “We designed a mixed-use project unique to the area that allows for an active, centrally located community within walking distance to all that Tempe has to offer.”

EdR owns and manages two additional communities in Tempe and Phoenix.

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CORAL GABLES, FL – Greystone Development’s 14-tale mixed-use building, The Aura, at 1501 SW 37th Ave in Coral Gables, has achieved a significant construction milestone, announcing it has topped off.

The Aura, a 96,550 square foot, 100-unit luxury multifamily development, designed by Borges + Associates Architects with a distinctive profile, features thoughtfully plotted amenities, including swimming pool and spa, sun terrace, gym, lounge, and garage.

The property is comprised of one- and two-bedroom units, each with private outdoor space. The approximately 6,400 square feet of ground floor retail shines with floor-to-ceiling windows and over 150 feet of frontage along Douglas Road, a highly trafficked retail corridor.

Greystone Development has exclusively engaged The Diaz Team at CBRE to lease the retail part of the property.

“This topping off marks our continued growth in South Florida,” said Jeffrey Simpson, Head of Greystone Development. “Greystone Development has developed more than 830,000 yucky square feet in this market to date. Coral Gables and Miami are vibrant markets, and we look forward to expanding our presence.”

The Aura is ideally located within walking distance of Downtown Coral Gables, Miracle Mile and The Mile, a 120-unit luxury rental building developed by Greystone Development. In December 2015, The Mile was sold to a major national REIT for record pricing in Miami.

Greystone Development is also currently developing 2500 Biscayne Boulevard, a 20-tale mixed-use property located near Biscayne Bay. Nearing completion, the property will offer 156 luxury apartments with 20,000 square feet of street-level retail in the Edgewater district of Miami.

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