Developer buys One Camelback, with plans to finish luxury tower

Article originally posted on Phoenix Business Journal on December 8, 2025

The lender that foreclosed on One Camelback, a former bank building being converted to apartments, has sold the 11-story tower for $36 million.

San Francisco-based Acore Capital Mortgage — which bought the property through a credit bid of $44.1 million at a November 2023 trustee sale — has sold the structure to Mesa-based Kinella Capital LLC. The transaction closed Dec. 4, according to Tempe-based real estate database Vizzda LLC.

The project at the southeast corner of Central Avenue and Camelback Road sat 80% complete for years, said TK Stratton, founder and CEO of Kinella Capital.

The sale marks a key milestone for the vacant building, which has long loomed over a prominent intersection adjacent to the Central Ave/Camelback light rail station. The acquisition comes roughly a month after the city’s Planning and Development Department teased the first significant movement at the site since 2024, issuing a document with an oh-so-brief description: “Plan review and research to renew project.”

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