Kinella Construction Acquires Development Site In Phoenix From Acore Capital For $36M

The property asset involved in the transaction is a development site located at 1 East Camelback Road, Phoenix, AZ. The site was sold for $36,000,000, equating to approximately $220,859 per unit. The development consists of 163 units and is intended for completion by the end of 2026, following its acquisition by Kinella Construction’s affiliate from Acore Capital.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $36,000,000
• Buyer: Kinella Construction
• Seller: Acore Capital
• Lender: Post Road Group
• Units: 163
• Price Per Unit: $220,859
• Financing Amount: $56,600,000

The transaction was facilitated by Kinella Construction, who recognized the potential in the partially completed office-to-apartment redevelopment, known as One Camelback. Acore Capital was the seller in this transaction, and the deal secured financing by Post Road Group, enabling the completion of the intended redevelopment project.