Article originally posted on CoStar on Oct 8 2026

Kinella Capital, a Mesa-based boutique real estate investment and construction firm that specializes in converting complex projects to a different use to meet contemporary demand, has completed construction on One Camelback, an 11-story, 163-unit luxury apartment complex at 1 E. Camelback Road in uptown Phoenix.

The certificate of occupancy has been signed, first residents have begun moving in, and roughly 20% of the building has already been leased, according to a report from The AZ Insider.

The completion caps a tumultuous seven-year journey for a property that sat unfinished at one of the Valley’s most prominent intersections. The building was constructed in 1985 as an office tower for BMO Harris Bank, then gutted in 2019 for conversion into apartments.

An affiliate of Sagamore Capital launched the redevelopment, but the project stalled at roughly 80% completion after a combination of pandemic disruptions, inflation pressures, contractor disputes and rising interest rates made the final stretch uneconomical. The ownership entity defaulted on its $71.3 million construction loan from Delphi Financial Group, and the property was ultimately taken back through a trustee sale.

Kinella Capital, led by founder and CEO TK Stratton, acquired the property in late 2025 and secured debt financing from Post Road Group, a Stamford, Connecticut-based integrated real estate investment firm.

Cushman & Wakefield arranged both the acquisition and the completion financing. Stratton’s firm holds KB-1 general contracting and A-1 engineering licenses, allowing Kinella to take direct control of the remaining construction rather than rely on layers of third-party consultants. That vertically integrated approach enabled room-by-room assessments of electrical, mechanical, fire-life-safety and structural systems before establishing a new path to completion.

One Camelback offers studio, one-bedroom, two-bedroom and three-bedroom residences with layouts ranging from 532 to 1,898 square feet. Apartments feature floor-to-ceiling windows, exposed concrete ceilings, smart-home technology, Samsung appliances, quartz countertops, wood-style flooring and full-size washers and dryers. Monthly rents range from $1,600 to $10,000. Community amenities include a rooftop pool and spa with cabanas, fire features and grills, a fitness studio, resident clubhouse, coworking spaces and a five-level subterranean parking garage.

The project also includes nearly 11,000 square feet of ground-floor retail space. So far, EverSpan Health, a Phoenix-based concierge longevity and performance health company, has committed to building an integrated health-optimization center within the tower.

The property sits adjacent to Uptown Plaza, a popular Central Phoenix shopping and dining destination, and within walking distance of the Camelback Light Rail Station.

The completion adds a rare office-to-residential conversion to the Phoenix apartment supply in an area where demand for high-end urban rental housing has remained resilient. Greater Phoenix ranked well nationally for multifamily transaction volume in the first half of 2025, according to Costar data, underscoring the depth of investor appetite in the market.