Subtext To Develop “VERVE Tempe,” Its Second Student Housing Development Near Arizona State University

The 240-unit, 769-bed high-rise community will bring a curated mix of wellness features and best-in-class amenities to ASU students

Tempe, AZ, June 25, 2024 – Subtext, a national student and multifamily housing developer, announced
today that it will start construction at 1011 E Orange Street in Tempe, Arizona for the development of
VERVE Tempe, a 15-story student apartment community located within walking distance of the Arizona
State University campus. VERVE Tempe will deliver in Fall 2026 and is Subtext’s second project in
Tempe, having delivered Canvas in 2021.

The 240-unit, 479,388 square foot community will offer a mix of studio, one-, two-, three-, and four-
bedroom layouts, totaling 769 beds. VERVE Tempe provides residents with walkability to campus and
nearby retail and restaurant attractions, as well as proximity to the Valley Metro Lightrail.

In addition to 2,030 square feet of street-level retail space, VERVE Tempe will boast elevated amenities,
including a coffee bar with hot and nitro options; dedicated study space with booths, pods, and collab
rooms; game room with golf simulator; rooftop pool deck; and two-story fitness and wellness center with
spa, sauna, and yoga studio. Apartments will feature a bright, earthy color palette with designer
furnishings and finish selections residents love, like matte black hardware.

“VERVE takes ‘live, work, study, play’ to the next level. Subtext is excited to bring this experience to
ASU students,” said Brandt Stiles, Founding Partner, Subtext. “Student housing needs in Tempe continue to grow. With the right location and a thoughtfully designed community, our goal is to deliver an
unmatched resident experience.”

Architecture and interiors are by ESG Architecture & Design, which Subtext has a strong history of
working with in designing its upscale developments. Other development team partners include general
contractor Brinkmann Constructors with construction financing provided by Kennedy Wilson.

About Subtext
Subtext is a vertically integrated, nationwide real estate company focused on elevating the resident experience. We always have and always will start from the foundation: our residents. Because they’re our
subtext. They’re the meaning and motivation behind everything we do. Every decision, design choice, and experience is built from the resident up. For more information about Subtext, or to inquire about opportunities, visit subtextliving.com.