Trinitas and Mitsui Fudosan America Top Off 27-Story Astria Tempe Tower Near Arizona State University
TEMPE, Ariz. — Trinitas and development partner Mitsui Fudosan America have reached a structural topping-off milestone at Astria Tempe, a 27-story mixed-use high-rise situated near Arizona State University in downtown Tempe. With the final beam now in place, the project remains on track to welcome its first residents in Summer 2027, the firms announced.
The development is located on East 7th Street between South College Avenue and South Forest Avenue and represents the largest project in Trinitas' history and the Indiana-based firm's first collaboration with Mitsui Fudosan America, the U.S. subsidiary of Japan's largest real estate company.
Project Details and Capital Structure
Astria Tempe will offer studio, one-, two-, and three-bedroom residences across 27 stories, along with ground-floor retail and restaurant space currently being marketed for lease. The total unit count and square footage were not disclosed in available sources.
BMO Bank is providing construction financing for the development — its second Trinitas project in the Tempe market. TSB Capital Advisors arranged equity for the transaction. Layton Construction Co. serves as general contractor, and Niles Bolton Associates is the architect of record.
Mitsui Fudosan America is the U.S. arm of Mitsui Fudosan Co., Ltd., a publicly traded company with approximately $64 billion in assets as of December 2025. Its U.S. portfolio currently includes more than 6,000 apartments, approximately 10 million square feet of commercial space, and over 740 hotel rooms, with thousands of additional units and millions of square feet in development.
Amenities and Retail Component
Once complete, Astria Tempe will offer residences featuring high-speed internet and cable, in-unit laundry, hardwood-style flooring, quartz countertops, stainless-steel appliances, and custom wood finishes. Select units will include private balconies overlooking the Tempe skyline. Community amenities will include a pool, spa, fitness center, co-working space, social lounges, and dog-friendly outdoor areas.
The ground-floor retail and restaurant space is designed to activate the streetscape along East 7th Street and is now being marketed for lease.
Executive Commentary
"The topping off of Astria Tempe marks an exciting milestone for our team, our partners, and the City of Tempe. Every decision behind this project — from site selection and design to construction and capital partnerships — has been guided by data-powered planning, disciplined execution, and our purpose of enhancing lives by creating exceptional real estate," said Loren King, CEO and co-founder of Trinitas. "Projects like Astria Tempe are possible because of the expertise of our team, the strength of our partnerships, and a shared commitment to creating lasting value for residents, investors, and the community."
Brad Bennett, executive vice president of investment management at Trinitas, noted the scale of the undertaking. "Astria Tempe is the largest development in Trinitas' history and reflects the strength of the platform we've built over more than two decades," Bennett said. "Delivering a project of this scale requires deep market expertise, disciplined execution, and trusted partnerships. Reaching this milestone ahead of schedule is a testament to the collaboration between our team, Mitsui Fudosan America, and every partner helping bring this community to life."
Market Context and Strategic Positioning
The topping-off adds to Trinitas' expanding presence in the Phoenix metropolitan area. The Carmel, Indiana-based firm has developed nearly $3 billion in residential communities nationwide and currently maintains a pipeline of more than 16 projects valued at over $1.9 billion.
Mitsui Fudosan America has been an active U.S. investor since the 1970s, with a focus on the East and West Coasts and the Sun Belt. The firm has developed over 9,000 apartments in the last 14 years, with another approximately 5,000 units currently in development.