Corporate Housing Providers Association - CHPACorporate Housing Providers Association - CHPAPhoenix, AZ – Korman Communities, in partnership with RXR, have announced a new property in the Phoenix market, AVE Paradise Valley (12400 North Tatum Boulevard). The brand new, professionally managed, mid-rise residential property boasts 400 flexible-stay, fully furnished apartments and traditional luxury apartment rentals, along with 36,200 square feet of indoor and outdoor amenity space, located within the newly reimagined, 100-plus-acre Paradise Valley Mall development close to North Scottsdale.
“Following the success of our communities in Downtown Phoenix – AVE Terra and AVE Sky – we are eager to expand our inventory and increase our Arizona footprint with the addition of AVE Paradise Valley. This expansion is a natural progression for us, especially given the significant economic growth in the state over the past 10 years,” said Lea Anne Welsh, President of AVE and COO of Korman Communities. “We are thrilled to be able to continue to be more of a solution for our corporate housing partners in Greater Phoenix, delivering strong hospitality and a quality, flexible living experience.”
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. All furnished apartments at AVE Paradise Valley include a custom furniture package, a fully accessorized kitchen, a washer and dryer in residence, a linen package, and all utilities.
“We have been a trusted solution for the corporate housing industry for decades, delivering a comfortable, flexible place for traveling professionals to stay for 30 days or more,” says Welsh. “They just need to bring their suitcase – we’ll take care of the rest!”
All residents enjoy complimentary access to on-demand wellness and resort amenities. Highlights include a high-touch, dedicated service team, dazzling resort-style swimming pool, full-service, on-site bar, state-of-the-art fitness center, pet parlor with spa, lounge and dog park, electric vehicle charging stations, and several outdoor courtyards with firepit lounges. Residents will also enjoy direct access to an on-site Whole Foods, as well as a plethora of walkable shopping and dining destinations, such as Sephora, Flower Child, Federal Pizza, Blanco Cocina + Cantina, and Trevor’s Liquor, plus three acres of open space with landscaped pathways.
The property is conveniently located 10 minutes away from Scottsdale Airpark and 25 minutes from Phoenix Sky Harbor International Airport. Residents also have easy access to high-end shopping, dining, golf courses, hiking, biking, art and sports, all within 30 minutes or less of the building by car.
About AVE and Korman Communities
Korman Communities is a fully integrated, fifth-generation, 100-year-old real estate investment and property management company with nearly 40 properties across the United States and London. AVE specializes in elevated apartment living for discerning renters and individuals seeking a flexible living solution for business or personal lifestyle. AVE conveniently offers traditional unfurnished apartments along with fully furnished apartments with flexible lease options. Each community features a dedicated service team and unparalleled business, wellness, and entertainment amenities such as flex workspaces with gigabit Wi-Fi; resort pools; firepit lounges; 24-hour, state-of-the-art fitness centers; wellness classes; bike share; tranquility gardens; pet spas and parks; media theaters; and outdoor gaming and recreation. Ranked the No. 1 property management company in the U.S. based on renter satisfaction in 2023 and 2024, AVE provides comfort and seamless living for those who want to LIVE BETTER®. www.aveliving.com.
Coming soon: AVE Hamilton Green (White Plains, NY: Winter 2024-2025); AVE Santa Clara (California: Winter 2024); AVE Navy Yard (Philadelphia, PA: Summer 2025).
About RXR
RXR is an innovative real estate investment manager, operator, developer, and place-maker committed to applying a customer and community-centered approach to acquiring, operating, and building properties and to providing services and products that create enduring value for all stakeholders. Headquartered in New York with a nationally scaled platform, RXR is an approximately 450-person, vertically integrated investment manager with expertise in a wide array of value creation activities, including acquisitions, asset and portfolio management, property operations, development, construction, leasing, and technological innovation. RXR is an active investor in real estate credit, rental housing, commercial property, and property technology through value-added and opportunistic investment strategies. The RXR platform manages 107 commercial real estate properties and investments with an aggregate gross asset value of approximately $17.1 billion, comprising approximately 30.5 million square feet of commercial properties, a multi-family residential portfolio of approximately 9,800 units under operation or development, and control of development rights for an additional approximately 3,000 multi-family and for sale units as of June 30, 2024. 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.
Phoenix, AZ [March 8, 2022] – Korman Communities, in partnership with RXR, has completed the purchase of its first property in the Phoenix market. The brand new, 348-unit, seven-story, professionally managed, Class A property boasting 60,000 square feet of amenity space, AVE Phoenix Terra, offers a unique flexible-stay living solution in Downtown Phoenix.
“We are focused on growing our AVE portfolio of first-class residential properties in key growth markets across the U.S. This acquisition represents the first of many new ventures in Phoenix,” says Bradley Korman, co-CEO of the Philadelphia-area-based Korman Communities. “We are proud to have RXR as our partner on this venture, as our organizations are aligned on values and visions for the future.”
“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.
AVE will be introducing its furnished apartment service, offering flexible month-to-month leases to the Phoenix market. All furnished apartments include a custom furniture package, a fully accessorized kitchen, a washer and dryer in residence, a linen package, and all utilities.
“We are a solution for individuals who need a comfortable, flexible place to stay for 30 days or more. The Phoenix housing market has never been hotter in recent history, with inventory at new lows,” says Lea Anne Welsh, COO of Korman Communities and president of the AVE. “We can be a place for them to hang their hat until they find their next home. They just need to bring their suitcase – we’ll take care of the rest!”
AVE also will bring its best-in-class multifamily apartment living experience, which is designed to deliver the ultimate carefree lifestyle and a strong sense of community.
AVE Phoenix Terra features a variety of apartment floorplans ranging from studio to three-bedroom featuring contemporary amenities including chef-inspired kitchens in two color palettes, speckled quartz countertops, tile backsplashes, stainless steel GE appliances, abundant closet space featuring walk-ins with custom shelving, hardwood-inspired flooring, large, walk-in showers with glass doors, garden-style soaking tubs, and a Smart washer/dryer in residence. Select apartments feature built-in wine refrigerators and private patios/balconies.
All residents enjoy complimentary access to unprecedented, on-demand amenities featuring a resort, palm-tree lined sundeck with a sparkling pool, loungers, and relaxing hot tub, two large courtyards featuring grilling stations, a tranquility fountain, lounge seating, a putting green, and outdoor gaming, an expansive, wraparound patio offering indoor-outdoor bar seating, a fire pit lounge, and spectacular city, valley, and mountain views, a 24/7 multi-zone fitness center featuring cardio, strength, and spin with indoor/outdoor access, a business center with flex workspace and reservable conference room and private work suites, secure, personal, Gigabit WiFi that travels with residents throughout the community, a fully equipped dog wash station, a beverage bar with freshly brewed, bean-to-cup coffee machine and Kombucha station, a resident social lounge with fully equipped, chef-inspired kitchen and dining area, and a mixology lounge with Speakeasy. AVE’s professional Resident Services team is on site seven days a week to assist with day-to-day living needs.
“We want to ensure our residents are comfortable and feel taken care of,” says Welsh. “Our experienced, friendly team is on site every day to provide a quality living experience and a sense of community through concierge support, events, and partnerships.”
AVE Phoenix Terra also boasts 7,000-square-feet of retail space, with the goal to bring two exciting dining concepts to the neighborhood and ultimately offer more convenience amenities for residents.
AVE Phoenix Terra is centrally located in Downtown Phoenix, walking distance to restaurants, shops, and entertainment. It’s also convenient to everything in the region – just 10 minutes from Phoenix Sky Harbor International Airport, 5 minutes from the Light Rail with stops in Downtown Phoenix, Tempe, and Mesa, and less than 5 minutes to I-17 and I-10, which connects with Loop 101, offering an easy commute to Peoria and Paradise Valley.
About AVE and Korman Communities
AVE specializes in luxury apartments for the discerning renter and fully furnished apartments for individuals who need a flexible living option. The hospitality-driven brand professionally manages state-of-the-art residential communities in New Jersey, the Greater Philadelphia Area, the East Bay of San Francisco, Texas, and Arizona featuring unprecedented resort and business amenities and award-winning service teams.
Korman Communities is a fully integrated, fifth-generation, 100-year-old real estate company with development, management, asset, marketing, and financial capabilities operating throughout the United States and in London. The portfolio is comprised of two brands – AVE (aveliving.com) best-in-class, multi-family residential communities and AKA (stayaka.com) luxury hotel accommodations. For more information, visit www.korman.com.
About RXR
RXR 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 500+ 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 84 commercial real estate properties and investments with an aggregate gross asset value of $22.4 billion, comprising approximately 30.3 million square feet of commercial properties, a multi-family residential portfolio of approximately 6,900 units under operation or development, and control of development rights for an additional approximately 2,900 multi-family and for-sale units.