Transwestern Development Co. Breaks Ground on Lake-Front VELA At Town Lake Apartments In Tempe, AZ

TEMPE, Ariz., Feb. 6, 2015 /PRNewswire/ -- Transwestern Development Co. today announces it has broken ground on VELA at Town Lake, a 290-unit luxury apartment community at 555 N. College Ave. in Tempe, Arizona. Transwestern Development Co. purchased a 4.57-acre site with its partner, FL Lakeside Investor LLC. The first units are slated for delivery in February 2016 with full completion in September 2016. Transwestern Development Co. Associate Vice President Josh Delk is leading the development team, and Transwestern Vice Presidents Jack Hannum and Bret Zinn negotiated the land sale.

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

VELA at Town Lake is adjacent to the Tempe Town Lake marina and directly across from the new regional headquarters of State Farm and Sun Devil Stadium, the football stadium for Arizona State University. In addition to 500 feet of south-facing frontage along the lake, the community will include a resort-style pool with luxury cabanas; state-of-the-art fitness center including touch screen cardio equipment and free weights; indoor lounge space overlooking the lake with a catering kitchen, fireplace seating area and television viewing area; activity courtyard complete with moveable movie projector, gaming area, fire pits and grilling area; indoor bike storage; and outdoor covered lounge with kitchen, grilling areas, pool table and television viewing area.

With two buildings ranging from three to five floors, VELA at Town Lake wraps around a structured parking garage. In addition to stainless steel, ENERGY STAR^® appliances, each unit will have quartz countertops, gourmet prep islands, custom wood cabinets, full-size washer and dryer connections, floating vanities and private balconies.

Financing for the project was provided by Bank of the Ozarks and Cornerstone Real Estate Advisers LLC. The project was designed by Wilder Belshaw Architects and Davis Architects; the general contractor is MT Builders Cos.; and the civil engineer is Hilgart Wilson LLC.

ABOUT TRANSWESTERN DEVELOPMENT COMPANY
Transwestern Development Company is a diversified business with expertise and experience in all commercial property types. The firm executes projects through a variety of venture and contract structures and has been creating commercial landmarks for itself, its partners and valued customers throughout the U.S. since 1978. Transwestern Development Co. operates as a principal, investing capital alongside its institutional equity partners in the development of speculative and build-to-suit projects, and as a fee developer for clients and user-owners. The company has amassed valuable experience in construction, design, sustainability, leasing, acquisitions, finance and asset management. As a member of the Transwestern family of companies, the firm capitalizes on the market insights and operational expertise of its affiliates, which include a diversified real estate services firm with 34 U.S. offices and a real estate investment management company. Please visit transwesterndevelopment.com for more information.

Media Contact:
Stefanie Lewis
713.272.1266
[email protected]

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SOURCE Transwestern Development Company

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