WAY Capital Arranges $299M Mavik Financing for Aspirant Development's Revelry Tower Project in Tempe
WAY Capital arranged $299 million in financing for Revelry, a $288 million luxury high-rise community now under construction in Tempe, Arizona, the firm announced. Malcolm Davies, Kyle McDonough and Alex Rossinsky of WAY Capital secured the financing from Mavik on behalf of Aspirant Development, the luxury infill division of Empire Group.
Revelry Financing Details
The financing was placed with Mavik for the ground-up development at 965 E. University Drive in Tempe, near Arizona State University. WAY Capital's announcement describes the overall financing as $299 million against a total project cost of approximately $288 million.
The $288 million development cost equates to approximately $540,000 per unit, or about $339 per square foot based on the project's roughly 850,000 square feet.
Aspirant Development's Tempe High-Rise Project
Revelry will include 533 Class A residences, including 11 ADA units, in two towers: one 15 stories and one 17 stories. A 27,000-square-foot pool deck connects the towers. Amenities include a bowling alley, a golf simulator, pickleball courts, wellness spaces and a dog spa, and total amenity space exceeds 100,000 square feet.
The project sits at the southeast corner of Rural Road and University Drive on a site of approximately 3.66 acres. Empire Group reportedly acquired the parcel for $16 million. The development also includes retail space of approximately 16,300 square feet across ground-floor and upper-level retail areas. Groundbreaking took place in late September 2026.
Phoenix-Area Multifamily Market Context
The financing comes as Phoenix-area apartment fundamentals show signs of stabilizing after a period of weakness. Phoenix multifamily vacancy declined from 12.3% to 11.7% year over year, with forecasts of roughly 10% vacancy in 2027 and 9.5% in 2028. Inventory under construction fell from 6.6% to 4%, and the regional pipeline dropped from approximately 14,400 units at its 2023 peak to about 7,000 units.
Rents remain below prior highs. Phoenix effective rents fell from approximately $2,000 at the end of 2022 to $1,670, reflecting concessions, while average rents were about $1,763 in June and annual rent growth remained roughly flat. East Valley rents were down 3.3% year over year, compared with a 6.4% decline on Phoenix's West side.
Competitive Landscape in Tempe
Revelry will enter a Tempe market with other high-rise projects in the pipeline, including Astria Tempe, a 380-unit, 521,553-square-foot mixed-use development expected to deliver in summer 2027. Revelry's location adjacent to Arizona State University and at one of Tempe's active intersections, combined with its high-rise format and amenity package, positions it for student, young professional and higher-income renter demand.
Connect CRE featured the transaction in a story on Empire Group's start of work on the Tempe apartment community.
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