Korman Communities and RXR have completed the purchase of their first property in the Phoenix market: AVE Phoenix Terra at the southeast corner of Fifth Avenue and Fillmore Street. The newly opened 348-unit, seven-story, professionally managed, Class A residential mid-rise features luxury apartments, fully furnished apartments, 60,000 square feet of amenity space, and 7,000 square feet of retail space. It introduces AVE’s flexible-living option to the market — fully furnished apartments, complete with furnishings, fully accessorized kitchens, linens and utilities — for month-to-month leases, which will support its relocation boom.
“Our fully furnished apartments are a comfortable, temporary living solution for companies who need corporate housing for their employees and transferees for 30 days or more,” explains Lea Anne Welsh, COO of Korman Communities and president of AVE. “We’re also a great solution for individuals who are renovating their home, in between homes, or rethinking their current living situation.”
Korman Communities, a Philadelphia-based, fifth-generation, 100-year-old real estate company operating multifamily and hotel brands AVE and aka throughout the United States and in London, and RXR, a New York-based investor and developer that manages $22.4 billion in commercial and multi-family properties nationwide, were aligned in their goals to bring a best-in-class multi-family product to Greater Phoenix.
“We’ve been looking at the Phoenix market for a few years now because it’s a desirable area where people want to live and work,” says Bradley Korman, co-CEO of Korman Communities. “This acquisition will represent the first of many new ventures for us in this market.”
“We’re proud to partner with the Korman organization in providing our residents with a world-class living experience filled with amenity-rich programming, state-of-the-art technology, and ‘five-star’ service,” says Scott Rechler, chairman and CEO of RXR.
Photo courtesy of Korman Communities
