$120 million financing secured for the 401-unit multifamily project, Ray Phoenix, in downtown Phoenix, AZ

Ray Phoenix, a 401-unit, 26-story
 multi-family residential building
located in downtown Phoenix, AZ. 

  

 PHOENIX, AZ  – JLL Capital Markets has arranged $120 million in construction financing for the development of Ray Phoenix, a 401-unit, 26-story multi-family residential building located in downtown Phoenix, Arizona. 

 

Russell Young

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

Elle Miraglia

Russ Young, Executive Vice President, Investment Management Group, RXR, said, “Through RXR’s credit solutions platform, we worked closely with the Ray and Vela teams to assemble a flexible financing package that allowed this over $180 million multi-family project to move forward. We look forward to seeing the completion of this exciting project in one of the country’s fastest-growing markets.”

Brad Miner

 Ray Phoenix will offer a highly differentiated product in the submarket with luxurious amenities and artistic spaces. The property will consist of studio, one- and two-bedroom units, including duplex and penthouse units with floor-to-ceiling windows, custom cabinetry and luxury flooring and bathroom tile. The 20,000 square feet of amenity space will include a large fitness center, yoga studio, outdoor resort-style pool, communal kitchen and fireplace lounge, sunken lounge with theater experience, dog wash stations, indoor and outdoor gardens, workspaces and more.

 Michael Gigliotti

 Ray Phoenix will be located at 777 N. Central Ave. within an Opportunity Zone and will conveniently sit on the Phoenix light-rail line, less than a mile north of the Footprint Center and Chase Field. Additionally, the property is a short walk from both the 30-acre Phoenix Biomedical campus and Arizona State University’s 28-acre downtown campus.

Nick Benjamin

 “On behalf of the development team, it has been a pleasure to work with JLL and RXR on Ray Phoenix,” said Nick Benjamin, Principal of VeLa Development Partners. “Our collective vision for Ray Phoenix will bring world-class design, top-tier amenities, beautiful art and diversified price points to one of the nation’s fastest growing downtowns.  We can’t wait for residents to experience Ray Phoenix in the spring of 2026. “

 

The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Michael Gigliotti and Brad Miner, Associate Elle Miraglia and Analyst Frank Choumas.

 

“As the Phoenix MSA continues to expand its multifamily options to support the growth of the region, Ray Phoenix will stand out as an exceptional property with a great deal to contribute to the rapidly evolving downtown,” said Gigliotti.

 

 “The highly differentiated unit options will provide renters with a residential experience that has not yet been available in Phoenix.”

Frank Choumas

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

 

 Contact: 

 

Kristen Murphy,

Director, JLL Public Relations

Phone: +1 617 543 4873

Email:  Kristen.Murphy@jll.com

 

 jll.com.

veladev.com.

 www.rayphoenix.place and Ray at www.rayisaplace.com.

 

JLL Capital Markets brokers the sale of Reserve on West 31st, a 720-bed University of Kansas student housing community in Lawrence, KS

                           Reserve on West 31st, a 192-unit / 720-bed 

                              student housing community at 

                                  The University of Kansas

                                      in Lawrence, KS.

 

  DALLAS, TX – JLL Capital Markets handled the sale of Reserve on West 31st, a 192-unit / 720-bed student housing community at The University of Kansas (“KU”) in Lawrence, Kansas.

 The seller and the price were not closed. The Tailwind Group acquired the asset.

Teddy Leatherman

Originally built in 1999, residents enjoy access to a wide range of amenities, including on-site maintenance, a computer lab, study lounge, resident clubhouse, dog park, 24-hour fitness center, resort-style pool and hot tub with grilling area, outdoor basketball court, sand volleyball court and complimentary WiFi in common areas.

Scott Clifton 

Additionally, the current ownership has recently undertaken significant upgrades to enhance the units and common areas, such as renovations to add granite countertops and backsplashes, new wood kitchen cabinetry, modernized furniture, luxury vinyl flooring and upgraded interior lighting.

 Located at 2511 W. 31st in Lawrence, Kansas, Reserve on West 31st is situated steps away from the Lawrence Transit / KU Bus Line, offering residents convenient access to both the campus and downtown Lawrence, all within a 10-minute commute.

 The 5th largest town in Kansas, Lawrence is a quintessential college town, home to the University of Kansas and approximately 120,771 residents.

Kevin Kazlow

JLL’s Investment Sales and Advisory team represented the seller and was led by Managing Directors Teddy Leatherman and Scott Clifton along with Director Kevin Kazlow.

 "We are delighted to have facilitated the successful sale of Reserve on 31st at the University of Kansas," said Leatherman. "This transaction reflects the strong demand for value-add opportunities in growth markets."

  For more news, videos and research resources, please visit JLL’s newsroom.

Contact: 

 Grace Lewis, JLL PR

Phone: +1 903 520 3478

Email: grace.lewis@jll.com

jll.com.