One Camelback opens for pre-leasing as luxury apartment conversion nears completion

Article originally posted on Phoenix Business Journal on June 4, 2026

One Camelback has hit another milestone as the luxury apartment complex is finally on the verge of completing its offices-to-apartments conversion project.

The 11-story glass tower is now more than 90% completed and available for pre-leasing, about six months since Mesa-based Kinella Capital LLC acquired the former BMO bank building for $36 million in the wake of an earlier foreclosure sale after the original developer defaulted on the loan.

The project — located at the prominent Central Avenue and Camelback Road intersection — is anticipated to be completed by early September, Kinella Capital’s founder and CEO, TK Stratton, told the Business Journal.

Stratton said the “hard lift has been completed” including the plumbing, HVAC systems, electrical and soft water systems.

“Now it’s just getting through the finish line on final completion of finishes and inspections, and then we’ll be open,” he said.

The 163-unit complex will have a 150-foot open atrium, 11,000 square feet of ground floor retail space, a gym, a co-working lounge, underground parking and a rooftop pool with 360-degree unobstructed views of the city and Camelback Mountain. A spa, lounge areas, grills and a fire pit will also be on the roof.

Interested tenants can view floor plans, rental prices and amenities online.

Available floor plans range in size and price from 532 to 1,898 square feet with studio, one, two and three-bedroom options. Studios start at $1,600 and go up to $10,000 for penthouses. There will be 34 penthouses on the 10th and 11th floors, said Dale Phillips, the founder and CEO of Stellar Residential, which will handle the leasing for One Camelback. Philips was part of the original development team years ago.

Units will have floor-to-ceiling glass windows, exposed concrete ceilings, smart-home features, premium appliances, quartz countertops, wood flooring and full-size washers and dryers.

Phillips said the leasing launch has been successful so far with Stellar Residential receiving 300 phone calls and seven reservations. Reservations allow prospective tenants to hold specific units until they can execute leases, he said.

As for the retail space on the first floor of the complex, Stratton said two leases are in the process of being executed, although he wouldn’t share who those tenants are yet.

Phillips said many types of retail users have expressed interest in the space from “restaurants to yoga studios to wellness studios.”

“We’re going to cater to a very sophisticated crowd with elevated tastes,” Phillips said.

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