The Blake recently sold and is scheduled for completion in early 2025 as part of the mixed-use project being developed in Phoenix on the former Paradise Valley Mall site.
CBRE negotiated the sale of these luxury apartments. Matt Pesch, Asher Gunter, Sean Cunningham and Austin Groen with CBRE represented the sellers, a venture between StreetLights Residential and an affiliate of RED Development.
A venture between RXR and Korman Communities acquired the 400-unit multifamily community, according to a press release.
“We are thrilled to partner with RXR once again on the acquisition of The Blake, soon to be called AVE Paradise Valley,” Brad Korman, co-CEO of Korman Communities, said in the release. “This will be our third property together in Phoenix. The property combines incredible amenities with luxury finishes within the spectacular Paradise Valley Mall redevelopment. We look forward to welcoming our first residents later this year.”
The Blake includes 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, TVs, barbecue grills and dining areas.
The Blake’s residences are complete with over 10-foot 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 have energy-efficient, stainless steel appliances and custom cabinetry and hardware.
“The Blake features StreetLights Residential’s signature craftsmanship that raises the bar for luxury apartments in Phoenix,” said Gunter, vice chairman and managing director of the Southwest region.
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.
The Blake is StreetLights’ seventh project in the Phoenix area, including Cortland Biltmore in the Biltmore Area, the Ryan in Downtown Phoenix, the Cameron in Tempe, the Tyler in Gilbert, the Bergen at the Grove, and the Alyssa in Tempe. StreetLights is also under construction on The Beverly in north Scottsdale.
Founded in 2007, New York-based RXR is a real estate investment manager, operator, developer and place-maker. Korman Communities is a fully integrated, fifth-generation, 100-year-old real estate investment and property management company.
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