Kinella Capital Brings New Life to One Camelback

Date: December 5, 2025

Source: Phoenix Business Journal

Kinella Capital, a Mesa based real estate investment and development firm led by TK Stratton, has officially acquired the 11 story One Camelback tower at the southeast corner of Central Avenue and Camelback Road. The property, which had been sitting about 80% complete for several years, was purchased for $36 million from San Francisco based Acore Capital Mortgage.

The acquisition marks a new chapter for one of Uptown Phoenix’s most visible and long delayed redevelopment projects. Kinella Capital plans to complete construction within one year and deliver a luxury apartment tower that redefines the intersection of Central and Camelback.

Restoring Momentum to a Signature Corner

One Camelback was originally envisioned as a high end residential conversion of a former bank building, but the project stalled mid construction and sat vacant for years. The structure, located directly adjacent to the light rail station, has been a prominent but dormant feature of the Phoenix skyline.

Kinella Capital’s purchase follows renewed movement by the City of Phoenix Planning and Development Department, which recently reopened plan review and project renewal efforts at the site — the first sign of progress since 2024.

Integrated Construction & Financing Approach

Post Road Group is providing debt financing for the acquisition and completion. Kinella Capital’s in house construction capabilities will allow the firm to act as both developer and general contractor, ensuring tighter control of project budgets and timelines — a model that offers lenders greater confidence when dealing with partially completed assets.

“A stalled high rise terrifies lenders,” Stratton explained. “But because we’re fully integrated and know exactly what it will take to finish, we can bring certainty where there’s usually hesitation.”

Stratton also noted that hiring third party contractors often leads to unpredictable costs and delays through change orders, a challenge Kinella’s integrated structure helps avoid.

Experience Turning Around Distressed Projects

Kinella Capital has built a reputation for reviving distressed or stalled multifamily developments throughout metro Phoenix. The company recently completed a 78 unit townhome project in Glendale that was only 30% finished when Kinella took over — completing it in just ten months and selling it shortly thereafter.

Another 78 unit property in Phoenix had been idle for five years before Kinella restored and brought it to market. Stratton describes the company’s mission simply: “We go in, fix them up, and make them nice.”

Project Details: One Camelback

• Location: Central Avenue & Camelback Road, Phoenix, AZ
• Building: 11 story former bank tower
• Residential Units: 163 luxury apartments
• Retail Space: 11,000 square feet of ground floor retail
• Amenities: Rooftop deck with pool and 360° views of metro Phoenix, including Camelback Mountain
• Completion Timeline: Targeted within 12 months

Revitalizing Midtown Phoenix

The acquisition of One Camelback reflects Kinella Capital’s continued confidence in the Phoenix multifamily market even as new construction activity slows across the region. By bringing this project across the finish line, Kinella is helping reactivate one of the city’s most iconic intersections and strengthen the overall momentum of urban living in Midtown Phoenix.

Media Coverage

The full story was covered by Angela Gonzales, Senior Reporter at the Phoenix Business Journal.

Read the full article on the Phoenix Business Journal

---

For more information about Kinella Capital’s acquisition and development portfolio, please contact our team.