Kinella Capital Acquires One Camelback, Giving New Life To A Landmark Phoenix Project

Date: December 6, 2025

Project: One Camelback – Midtown Phoenix, AZ

Kinella Capital, a Mesa based real estate investment firm led by TK Stratton, has acquired the long stalled One Camelback office to luxury apartment conversion at Central Avenue and Camelback Road in Phoenix. The eleven story former BMO Harris Bank tower was purchased for $36 million, according to Maricopa County records.

The project was originally launched as a conversion of an existing office building into high end residential. Construction progressed to roughly 85 percent completion before work stopped and the property ultimately went through foreclosure. The lender, Delphi CRE Funding LLC, acquired the asset at auction in 2023 and later sold it to Kinella Capital.

Bringing A Flagship Address Back To Life

Once complete, One Camelback is planned to feature 163 luxury apartment homes and approximately 10,725 square feet of ground floor retail space along Camelback Road. Residents will enjoy an elevated amenity package that includes:

• Rooftop sky terrace with views across Midtown and the downtown skyline
• Resort style pool deck
• Modern resident lounge and gathering spaces
• Walkable access to light rail, restaurants, and neighborhood retail

With its architectural pedigree, location at a key Valley crossroads, and a strong amenity program, One Camelback is positioned to reestablish itself as a flagship residential address along the Camelback corridor.

Complex Projects Are At The Core Of Kinella Capital

One Camelback fits squarely within Kinella Capital’s focus on acquiring and completing complicated, capital intensive projects that require experienced execution. Taking over a partially completed redevelopment demands careful coordination among contractors, lenders, equity partners, and the broader project team.

Kinella Capital’s role is to bring fresh vision, disciplined underwriting, and the resources needed to move a stalled asset across the finish line and into long term operation. One Camelback is a clear example of that strategy at work in the heart of metro Phoenix.

Advisory And Capital Partners

Cushman & Wakefield advised on the transaction and financing, with David Karson, Megan Schmitt, and Mitch Rothstein arranging the capital stack on behalf of Kinella Capital.

Steven Nicoluzakis and David Fogler of Cushman & Wakefield represented Kinella Capital in the acquisition of the property.

About One Camelback

• Address: Central Avenue and Camelback Road, Phoenix, Arizona
• Building: 11 story former BMO Harris Bank tower
• Original construction: 1985
• Planned use: 163 luxury apartment units
• Retail: 10,725 square feet of ground floor space
• Amenities: Rooftop sky terrace, pool, and resident amenities

Media Coverage

The acquisition of One Camelback and Kinella Capital’s role in restarting the project were recently featured by The Arizona Republic and azcentral.com.

Read the full article on azcentral.com

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For media or investment inquiries related to One Camelback or other Kinella Capital projects, please contact our team.