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RXR and Korman Communities Acquire New 400-Unit Luxury Res Development in Phoenix

7/02/24

A venture between RXR and Korman Communities acquired The Blake, a 400-unit luxury multifamily community in Phoenix. The property was sold by a venture between StreetLights Residential and an affiliate of RED Development.

The Blake includes unique amenities, including an expansive clubhouse with a library, dining room, coffee bar, conference rooms, co-working stations and TV seating areas. A private resident bar includes a roll-up window leading to outdoor seating around a resort-style pool and spa area with cabanas, fire features, televisions, barbecue grills, and dining areas.

The Blake's residences are complete with 10-foot-plus ceilings with coves in the living rooms, luxury wood-style flooring in living areas and bedrooms, tile flooring in bathrooms, both granite and quartz countertop design options in bathrooms, walk-in closets, washer and dryer and Sonos speaker systems in all units. Gourmet kitchens include energy-efficient, stainless steel appliances and custom cabinetry and hardware.

The Blake is scheduled for completion in early 2025 and is part of the mixed-use project being developed on the former Paradise Valley Mall site. CBRE's Matt Pesch, Asher Gunter, Sean Cunningham and Austin Groen represented the sellers in the deal.

Founded in 2007, New York-based RXR is a real estate investment manager, operator, developer and place-maker. RXR has approximately $18 billion in multifamily assets under management across 90-plus properties.

Korman Communities is a fully integrated, fifth-generation, 100-year-old real estate investment and property management company with total AUM of approximately $4 bil and nearly 40 properties across the United States and London.

StreetLights Residential specializes in new urbanist apartment homes and mixed-use developments. StreetLights has numerous urban infill projects throughout the country, with over 15,000 multifamily units completed or progressing in nine markets across seven states.





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