3.88 Acres at The Watermark | Tempe Sold for $14.7 Million

Cushman & Wakefield Negotiates Land Sale on Behalf of Fenix Development for Aura at Watermark

PHOENIX, Arizona – Fenix Development and Cushman & Wakefield announced today that 3.88 acres at The Watermark | Tempe sold to Dallas-based Trinsic Residential Group for $14.7 million ($87 PSF). The Cushman & Wakefield team of Brent Moser, Mike Sutton and Brooks Griffith represented the seller, Los Angeles-based Fenix Development in the transaction.

Aura at Watermark, the high-rise apartment tower of The Watermark | Tempe development, will offer 360 luxury apartments. The seven-story building will offer 23 floor plans with units ranging from 582-square-foot (sf) studio apartments to 2,282 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 4,500 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.

“In partnership with Fenix Development, and a team of local experts, Trinsic Residential Group will provide a residential offering to coincide with the world class office, retail and hotel developments within The Watermark | Tempe. Trinsic Residential feels fortunate to have a partnership with Fenix Development, and the City of Tempe, that will provide an enduring legacy on Tempe Town Lake,” Todd Gosselink, Managing Director – Arizona, Trinsic Residential Group.

“As one of the premiere high density builders in the United States, Trinsic quickly recognized the property can never be duplicated in Arizona. Nearly 800 feet of lake frontage offering unparalleled lake views, along with easy access to both the Loop 202 and ASU are a few of the features that sets this urban property apart,” said Brent Moser, Executive Managing Director of Cushman & Wakefield.

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 million-square-foot mixed-use development will include 250,000 sf of premium Class A office space and 44,000 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.

“Fenix Development and The Watermark | Tempe are very excited about our newfound partnership with Trinsic Residential Group. Aura at Watermark raises the bar for luxury, lakeside living and solidifies our vision for Watermark to be the preeminent live, work and play lifestyle destination in Metro Phoenix. Aura’s luxurious amenities are the perfect complement to our premium Class A office and high-end retail components,” said Mike Loretz, Project Manager of Fenix Development.