Revelry: Two Towers and 533 Homes Under Construction at Rural Road and University Drive in Tempe

Updated November 9, 2026. By Daniel Barash, REAL Broker AZ, LLC.

Revelry is a two-tower, 533-home high-rise now under construction at 965 E. University Drive, on the southeast corner of Rural Road and University Drive in Tempe, Arizona. The towers are 17 and 15 stories. Aspirant Development, the luxury infill arm of Empire Group of Companies, started construction in late September 2026 after closing a $229 million construction loan. This is the third deep dive from our Tempe projects to watch roundup.

Revelry, as planned at Rural Road and University Drive in Tempe. Rendering provided by Empire Group of Companies, via AZ Big Media.

What is Revelry in Tempe?

Revelry is a Class A mixed-use apartment community with 533 furnished and unfurnished homes in two towers, about 850,000 square feet in all. Retail fills part of the first two floors: about 5,500 square feet on the ground floor and 10,800 square feet on the second floor, according to AZ Big Media (Jan. 31, 2026). Gensler is the architect and Layton Construction is the general contractor.

Revelry's amenity list is long. The plans include pickleball, a golf simulator, a bowling alley, an arcade, a dog spa, a sauna and cold plunge, co-working space and a 27,000-square-foot second-floor deck with a resort-style pool.

Table: Revelry at a glance: 965 E. University Dr., Tempe; Aspirant Development; two towers of 17 and 15 stories; 533 apartments; about 16,300 sq ft of retail; about $288 million project cost; $229 million construction loan; construction started late September 2026

Revelry at a glance. Revelry has 533 apartments in 17- and 15-story towers at 965 E. University Drive, a total project cost of about $288 million and a $229 million construction loan from Mavik, with construction starting in late September 2026 (AZ Big Media, Commercial Observer, Yield PRO).

Where exactly is Revelry being built?

Revelry sits at 965 E. University Drive, on the southeast corner of Rural Road and University Drive, right across from Arizona State University's Tempe campus. The site is two parcels totaling about 3.66 acres. The western parcel was home to Devil's Advocate, a longtime college sports bar that closed in late 2024. The eastern parcel held a self-storage facility.

If you have driven Rural Road on an ASU game day, you know this corner. It is one of the busiest intersections in Tempe, with foot traffic from campus most of the day. The Valley Metro light rail stop at University Drive and Rural Road is a short walk south.

When will Revelry be finished?

Revelry broke ground in late September 2026. Commercial Observer reported on Sept. 28, 2026 that Mavik provided a $229 million construction loan, arranged by WAY Capital. Yield PRO (Oct. 10, 2026) put the total project cost at about $288 million. Neither the developer nor the city has published a completion date yet, so treat any date you hear as a guess until it is announced.

The project changed on the way here. When Tempe's Development Review Commission recommended approval in August 2023, the plans called for 539 units in 18- and 15-story towers. The version under construction is 533 units in 17 and 15 stories.

Who is behind Revelry?

Revelry is being built by Aspirant Development, the luxury urban infill division of Empire Group of Companies. "Revelry represents our belief that successful urban high-rise projects must be intentional in every aspect," Geoffrey Jacobs, managing partner of Aspirant Development, said in the January 2026 announcement. Diversified Partners is handling the retail leasing.

What does Revelry mean for nearby homeowners?

Revelry adds 533 rental homes to a part of Tempe that has been short on housing near campus. For owners in the neighborhoods around Rural Road and University Drive, three things are worth watching:

• More renters near campus could ease some of the pressure on single-family homes that get rented by the room.
• About 16,300 square feet of new retail means more places to eat and shop within walking distance once the towers open.
• Construction traffic on Rural Road and University Drive will be part of daily life until the towers are done. Plan around it if you commute through that corner.

Revelry is one of several towers changing this stretch of Tempe. Leo Tempe is planned directly to the west. Downtown, Hines is planning 250 Rio, 110 for-sale condos next to Tempe Beach Park, and Dorsey Station would bring apartments and a grocery store to the old Food City site. If you are weighing a quieter part of town, my guide to living in South Tempe covers the neighborhoods south of the US 60.

Frequently asked questions

Is Revelry in Tempe for sale or for rent?

Revelry is an apartment community. The developer describes it as a Class A mixed-use high-rise with furnished and unfurnished residences. No condos for sale have been announced.

When does Revelry open?

No opening date has been published. Construction began in late September 2026 after Mavik closed a $229 million construction loan.

What was at Rural Road and University Drive before Revelry?

The western parcel held Devil's Advocate, a college sports bar that closed in late 2024. The eastern parcel was a self-storage facility.

How tall is Revelry?

Revelry has two towers: one 17 stories tall and one 15 stories tall.

Own a home near ASU and wondering what Revelry and the other new towers mean for your value? Call or text me at 480.906.3831 and I will run the numbers for your street.

Project details as of November 9, 2026, subject to change. Renderings are the developer's and may not match the finished building.

Daniel Barash | REAL Broker AZ, LLC | 480.906.3831

Daniel Barash has spent 10 years in Phoenix-area real estate, helping buyers and sellers in Tempe, Chandler, Scottsdale, Mesa, Gilbert and Phoenix. He is a real estate agent with REAL Broker AZ, LLC.