Mavik Financed $299 Million Tempe Apartment Complex
The construction loan will support the development of a 533-unit luxury project in Tempe.
Updated on Sept. 28, 2026 in Commercial
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Mavik has provided $299 million in construction financing to the Empire Group of Companies for the development of the Revelry apartment complex. The project, located at 965 East University Drive, will feature 533 residential units across two high-rise buildings.
Why it matters
The investment reflects institutional confidence in the ongoing strength of the Tempe residential market near Arizona State University. The completed development is expected to become one of the tallest structures in the local skyline.
The development includes a 15-story and a 17-story building, providing 16,300 square feet of retail space and 100,000 square feet of amenities. These specifications account for the total project footprint at the University Drive site.
The players
Mavik
Mavik is a financial firm that specializes in providing capital for large-scale real estate development projects.
Empire Group of Companies
Empire Group of Companies is a developer responsible for planning and executing the construction of the Revelry residential project.
WAY Capital
WAY Capital is a real estate finance firm that acted as the intermediary for this construction loan transaction.
The details
The Revelry project combines significant residential density with substantial lifestyle amenities and ground-floor retail space. WAY Capital successfully arranged the financing transaction between Mavik and the Empire Group of Companies to facilitate the construction.
Timeline
Empire Group secured the construction financing on September 28, 2026.
Culture Shift
This high-rise development signals a significant shift toward increased urban density within Tempe's core. It reflects a broader trend of institutional capital flowing into residential hubs positioned strategically near major educational institutions.
Residents should anticipate significant construction activity at 965 East University Drive throughout the building process. The addition of 16,300 square feet of retail space may eventually change the local dining and shopping options in the immediate neighborhood.
The takeaway
Large-scale residential developments near universities continue to attract massive institutional financing due to consistent housing demand. Prospective renters and local stakeholders should monitor progress at this site for updates on future retail and residential availability.
Further reading
For more information on large-scale development projects, explore Tempe Commercial.
Source note: This article includes information reported by Commercial Observer.
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