Korman Communities, RXR Reveal Latest Residential Development in Phoenix Market

Published on Tuesday, January 16th, 2024 by Breah Hernandez

Phoenix, AZ [January 15, 2024] – Korman Communities, in partnership with RXR, has officially revealed its newest project in the Phoenix market. This brand new, Class AA residential high-rise soars over Downtown Phoenix with 17 floors of 254 residential units, 17,000 square feet of amenity space, and 4,350 square feet of retail space. AVE Phoenix Sky, like its mid-rise neighbor AVE Phoenix Terra that opened in March 2022, will offer both flexible-stay furnished apartments and luxury apartment rentals.

“We are thrilled to be opening AVE Sky as the newest Class AA property to enter the Downtown Phoenix market. This breathtaking high-rise will offer residents amenities, finishes, and views that are unparalleled, and it’s the perfect complement to our existing mid-rise AVE Terra, just a block away,” says Bradley Korman, co-CEO of Korman Communities. “We value our partnership with RXR that has allowed us to target and develop the best properties in the best locations nationwide, with Phoenix being a core market for continued growth.”

AVE is a pioneer in flexible living. Its furnished apartment solution dates back six decades when then founder Steven H. Korman recognized the need for options between the traditional apartment rental and an extended hotel stay. Since, AVE has been committed to redefining how people live through its flexible offerings, on-demand amenities, and high-touch service.

“As AVE Sky opens its doors in Downtown Phoenix, RXR’s partnership with Korman Communities proves to be a win-win-win for RXR, Korman, and the Greater Phoenix region,” said Joseph Graziose, Jr., Executive Vice President of Development Services at RXR. “AVE Sky’s flexible living model with high-end finishes and premium amenities offers an ideal solution for the busy professional with prime location on Roosevelt Row and proximity to vital institutions and transit. We’re excited to expand our footprint in Phoenix alongside Korman Communities, delivering upscale flexible living in vibrant urban centers.”

AVE Phoenix Sky offers a menu of spacious studio to two-bedroom floor plans available in two color palettes featuring chic industrial and natural earth elements including exposed concrete ceilings or accent walls. Apartments boast spacious, stylish kitchens with soft-close cabinetry and under-cabinet lighting, quartz countertops, tile backsplash, deep sinks with gooseneck faucets, and Smart, stainless steel Samsung kitchen appliances, floor-to-ceiling windows, sustainable, wood-inspired, vinyl plank flooring, Samsung washers and dryers, large walk-in closets, built-in TV wall mounts, luxury carpeting in bedrooms, bathrooms with oversized walk-in showers with glass doors and/or garden-style soaking tubs, and keyless door locks.

“At AVE, our mission is to help our residents live better, and we do so by focusing on delivering and innovating quality, flexibility, service, and community,” says Lea Anne Welsh, president of AVE and COO of Korman Communities. “Our fully furnished apartments provide a comfortable living solution for anyone who needs flexibility due to a work relocation, extended business trip, seasonal travel, or lifestyle change. For those who desire carefree apartment living year-round, we have a variety of luxury apartment floor plans with premium amenities. Our friendly, professional service team is on site seven days a week to provide a quality living experience and a sense of community through concierge support, events, and partnerships.”

All residents enjoy complimentary access to unparalleled community amenities featuring an outdoor sky deck with a resort pool, hot tub, and grilling stations, a spacious clubhouse with comfortable seating options and gaming, a resident social lounge with a fully equipped, chef-inspired kitchen and dining areas, flex work space with high-speed WiFi, a courtyard with outdoor amenity space, a hot beverage bar with dining area and TVs, a 24/7, industrial-inspired fitness center with state-of-the-art cardio and strength equipment, a dog wash spa, EV charging stations, bike storage, and a gated, covered, direct-access parking garage.

AVE Phoenix Sky also boasts 4,350 square feet of retail space – 3,770 for a future restaurant and 580 square feet to be utilized as a studio for local artists.

AVE Phoenix Sky is centrally located in Downtown Phoenix, footsteps from the city’s best dining and nightlife, as well as Phoenix attractions Roosevelt Row, Chase Field and Footprint Center. It’s also convenient to everything in the region – just 10 minutes from Phoenix Sky Harbor International Airport and 20 minutes to world-class golf and high-end shopping in Scottsdale.

About AVE and Korman Communities 

Korman Communities is a fully integrated, fifth-generation, 100-year-old real estate investment and property management company with development, management, asset, marketing, and financial capabilities operating throughout the United States and in London. Driven by a values system called QUEST, which represents Quality, Uniqueness, Excellence, Service, and Teamwork, Korman creates unparalleled value for all stakeholders by delivering industry-leading customer satisfaction through strong operations, quality offerings, and award-winning service. The Korman portfolio is comprised of two brands – AVE (aveliving.com) 15 Class A and Class AA, multi-family residential communities boasting over 4,000 units; and AKA (stayaka.com) luxury hotel accommodations. In the last two years, Korman Communities has acquired 13 properties and development sites to be added to the AVE portfolio. Korman is actively focused on opportunistic, value-add, and core-plus acquisitions, as well as ground-up developments in U.S. gateway and growth markets for both brands. For more information, visit www.korman.com.

About RXR

RXR is an innovative investor, developer and place-maker committed to applying a customer and community-centered approach to building properties, services, and products that create enduring value for all stakeholders. Headquartered in New York with a national platform strategy, RXR is a 450+ person, vertically integrated operating and development company with expertise in a wide array of value creation activities, including ground up real estate, infrastructure and industrial development, uncovering value in underperforming properties, repurposing well-located iconic properties, incorporating cutting edge technologies and value-added lending. The RXR platform manages 91 commercial real estate properties and investments with an aggregate gross asset value of approximately $19 billion, comprising approximately 30.0 million square feet of commercial properties, a multi-family residential portfolio of approximately 9,000 units under operation or development, and control of development rights for an additional approximately 3,500 multi-family and for sale units as of June 30, 2023. Gross asset value compiled by RXR in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.