Multifamily residential building is coming to downtown Phoenix

PHOENIX – Ray Phoenix, a 26-story multifamily residential building, is coming to downtown Phoenix.

JLL Capital Markets, a global provider of capital solutions for real estate investors and occupiers, has arranged $120 million in construction financing for the project.

JLL worked on behalf of the borrower, VeLa Development Partners and Ray, to secure the loan through an affiliate of RXR Realty Investments LLC.

Ray Phoenix will be located at Central Avenue and McKinley Street within an opportunity zone and will have a presence there the Valley Metro light rail line.

The project, consisting of 401 homes, is expected to be completed in the spring of 2026.

“Through RXR’s lending solutions platform, we worked closely with the teams at Ray and Vela to put together a flexible financing package that allowed this $180 million-plus multifamily project to move forward,” said Executive Vice President of Investment Management Group Russ Young in a statement. a press conference. Edition.

“We look forward to completing this exciting project in one of the fastest growing markets in the country.”

What will be on display at Ray Phoenix?

Ray Phoenix will offer a property with luxurious amenities and artistic spaces.

The property will consist of studio, one and two-bedroom apartments, including duplex and penthouse apartments with floor-to-ceiling windows, bespoke wardrobes and luxury flooring and bathroom tiles.

The property will have 20,000 square feet of space and will include a fitness center, yoga studio, swimming pool, community kitchen and lounge with fireplace, sunken lounge, dog washing stations, indoor and outdoor gardens and work spaces.

“On behalf of the development team, it was a pleasure to work with JLL and RXR on Ray Phoenix,” Nick Benjamin, director of VeLa Development Partners, said in the release.

“Our collective vision for Ray Phoenix will bring world-class design, premier amenities, beautiful art and diversified pricing to one of the fastest-growing downtowns in the country.”