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October 22, 2017
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Trinsic Residential Group Buys 3.88-Acre Res Dev Site in Tempe

7/28/17

Dallas-based Trinsic Residential Group purchased 3.88 acres at The Watermark | Tempe from Fenix Development for $14.7 mil.

Trinsic will use the site for development of Aura at Watermark, a high-rise apartment tower that will contain 360 luxury res units. The seven-story building will offer 23 floor plans with units ranging from 582 sf studio apartments to 2.3k sf penthouses, providing diverse options for a broad range of tenants.

The development’s amenity set will include two podium top courtyards with pools, spas, cabanas, gaming areas and social gathering spaces. In addition to the courtyards, Aura Watermark will have a 4.5k sf state-of-the-art fitness facility overlooking Tempe Town Lake, two bicycle repair and storage facilities, an indoor dog wash, an outdoor dog park and picnic area, water sports equipment rental and storage and a high-end clubhouse that will include a mezzanine lounge area for residents. Trinsic Residential Group plans to start construction in Q3 2017 and is scheduled to deliver in 2020.

The Cushman & Wakefield team of Brent Moser, Mike Sutton and Brooks Griffith represented Los Angeles-based Fenix in the transaction. Moser points out that the site boasts nearly 800 feet of lake frontage offering unparalleled lake views, along with easy access to both the Loop 202 and ASU.

Fenix Development broke ground on The Watermark | Tempe in June of 2017. In addition to the 360 luxury apartments, Phase I of the 1.9 msf mixed-use development will include 250k sf of premium Class A office space and 44k sf of high-end restaurant and boutique retail service space. As Tempe’s first vertically integrated mixed-use development, the project is scheduled to deliver Phase I in the fall of 2018.





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