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Groundbreaking begins on Tempe Town Lake apartment complex

PHOENIX — For students and professionals seeking new housing in the Tempe area, groundbreaking has officially begun on a lakefront property.

Transwestern Development Co. has officially broken ground for VELA at Town Lake, Commercial Property Executive reported.

VELA at Town Lake, located at 555 N. College Ave., is a 290-unit luxury apartment complex located directly across from Arizona State University’s Sun Devil Stadium.

Josh Delk, Transwestern Development Associate Vice President, said the complex will attract millennials due to the location of the unique property.

“Transwestern Development is very excited to commence construction on the VELA at Town Lake,” Delk said in an interview with MultiFamilyBiz.com. “The lake-front property is unique and will attract young professionals seeking an amenity-rich lifestyle near major employment and retail hubs.”

The complex will include amenities such as:

  • • A resort-style pool with luxury cabanas
  • • A fitness center with touch-screen cardio equipment and free weights
  • • An indoor lounge overlooking the lake with a kitchen, fireplace and TV
  • • An activity courtyard with a movable movie projector, fire pits and a grill
  • • An outdoor-covered lounge with a kitchen, grilling areas, a pool table and TV

The complex is set to be completed by September 2016.