Cushman & Wakefield Negotiates Land Sale on Behalf of Fenix Development

PHOENIX, July 26, 2017 – 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. 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.

About Fenix Development

Fenix Development is a vertically integrated real-estate development company specializing in mixed-use projects in Southern California, Nevada, and Arizona. Its executive group has over 100 years of combined experience in real estate investment, development, and management. Fenix Development manages the development and investment process from acquisition, planning, and entitlement to construction and disposition. The company’s core investment strategy is centered around creating a vision for specific investment opportunities with potential for significant capital appreciation through land entitlement, development, repositioning and creative design. To learn more, visit www.fenixdevelopmentinc.com.

About Trinsic Residential Group

Trinsic is a privately held real estate company based out of Dallas, Texas.  Trinsic develops institutional quality class-A multifamily assets in infill and suburban locations.  Initial focus has been on major Texas markets, but recent expansion has concentrated on Florida, the Pacific Northwest, and Arizona. Collectively, senior management has developed or acquired over 20,000 units with a total capitalization of over $4 billion.  Trinsic Residential Group focuses on areas of population and business growth where there is a need for additional multifamily homes.  The product contains high-end finishes and exceptional design features with a full complement of amenities.  It is the intent to create 360-degree living environments relative to the location of each development.  Currently, Trinsic has close to 5,500 units under construction, in leas up, or stabilized with a total development cost in excess of $830 million.  In addition, Trinsic has a development pipeline of 2,300 new units with over $400 million in capital investment.

About Cushman & Wakefield

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.