Trammell Crow Co. subsidiary High Street Residential has completed the 310-unit Smith & Rio, in Tempe, Ariz. The developer broke ground on the property in 2021, financing it with a construction loan provided by Comerica Bank. Greystar Management serves as property manager.
Smith & Rio—currently more than 50 percent leased—comprises one- and two-bedroom units ranging from 559 to 1,168 square feet, according to Yardi Matrix data. The five-story property’s amenities include a sky lounge, dog park, work from home area, pool, spa and clubhouse. A total of 496 parking spaces are also available at the community.
Located at 1979 E. Rio Salado Parkway, the property is 2 miles east of downtown Tempe, Ariz., half a mile south of Tempe Marketplace and 6 miles southeast of Phoenix Sky Harbor International Airport. Several retail, dining and entertainment options are available within a 1-mile radius.
This month, High Street Residential also topped out the 280-unit The Grace Residences in Atlanta, the company’s first residential development in the Atlanta market. Pre-leasing at the community will begin in early 2024.
