Residential Housing Wraps 900-Bed Student Project In Tempe

By Amalia Otet, Associate Editor

Residential Housing Development L.L.C. is completing construction of The District on Apache, a multifamily complex that will serve Arizona State University in Tempe.

Located at 977 E Apache Blvd., the 279-unit, 900-bed property offers one-, two-, three- and four-bedroom units with energy-efficient appliances and lighting, granite countertops, nine-foot ceilings, designer furniture, full-size washer and dryers, high-definition TVs and private patios, the East Valley Tribune reported.

Amenities include an oasis pool, a lazy river pool with large tanning shelves, private cabanas, an over-sized spa, outdoor barbecue kitchen, a virtual golf course, and an outdoor movie theater. Additionally, The District on Apache will feature ground floor retail and structured parking. Asset Campus Housing is the property manager.

An improving employment picture and rising incomes will boost demand for apartments in the Valley this year, according to projections by Marcus & Millichap Real Estate Investment Services Inc. Nearly 3,300 units are in the pipeline in Tempe, Chandler and Gilbert.

Vacancy has dropped 60 basis points to 6.8 percent over the past four quarters; vacancy rates vary from 5.9 percent for properties built after 1990 to 8 percent for 1970s-vintage assets. Average effective rents are expected to rise 2.9 percent in 2013 to $775 per month. In 2012, rents increased 2 percent.

Photo credits: thedistrictonapache.com