CBRE Arranges Sale of The Blake Apartments in Paradise Valley

CBRE negotiated the sale of The Blake luxury apartments in Phoenix, Ariz. CBRE's Matt Pesch, Asher Gunter, Sean Cunningham and Austin Groen 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.

"The Blake features StreetLights Residential's signature craftsmanship that raises the bar for luxury apartments in Phoenix," said CBRE's Asher Gunter, vice chairman and managing director of the Southwest region. "StreetLights Residential employs impeccable attention to detail that consistently delivers best-in-class communities."

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.

"At RXR, we take great pride in offering a highly sought-after product for today's renters. In partnership with Korman, we were thrilled to acquire The Blake, a modern residence featuring unparalleled amenities and design in one of the nation's fastest-growing markets. This new building will be the cornerstone of a vibrant live-work-play destination in one of Arizona's most desirable neighborhoods," said Frank Patafio, RXR's senior executive vice president and senior managing director.

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.

"We are thrilled to partner with RXR once again on the acquisition of The Blake, soon to be called AVE Paradise Valley. This will be our third property together in Phoenix. We continue to expand our national footprint with Class AA properties in the most sought-after neighborhoods across the country. 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," added Brad Korman, co-CEO of Korman Communities.

Korman Communities is a fully integrated, fifth-generation, 100-year-old real estate investment and property management company with total AUM of approximately $4.0B and nearly 40 properties across the United States and London.

"The Blake is a trophy community in a trophy location, and we couldn't be more proud of the final product we are delivering," said StreetLights Residential Senior Vice President Greg Nadeau. "As the first phase of the redevelopment effort, the Blake sets a precedent for the overall aesthetic of the new PV lifestyle center."

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 (previously named the Angela) 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.