One Camelback: Phoenix office building converted to apartment now accepting leases

PHOENIX - Under construction for years, a former office building in Uptown Phoenix is finally ready to start accepting leases, and the owners believe this conversion might be a sign of things to come in Arizona.

The backstory:

There has been a lot of palace intrigue about the 11-story office building located in the area of Central Avenue and Camelback Road over the years.

The project, which is also known as "One Camelback," has been years in the making, with a foreclosure in between. In December 2025, we reported that the new owners, Kinella Capital, finally had the project on track.

Local perspective:

Along the building's 10th floor, the apartments are near ready to rent. They demand top dollar, but they offer a view instead of a wall.

"The unique thing about One Camelback is the size, structure, shape of this building is one of a kind," said Dale Phillips of Stellar Residential.

Now, they are accepting pre-leases with a move-in date of early September. The first floor is entirely commercial space, and developers say they will have an announcement on the businesses moving in during the weeks ahead.

"A lot of the final steps. A lot finishes going into the common areas and things," said TK Stratton of Kinella Capital.

A key reason this building took so long to get ready for leasing is because it is a former office building.

By the numbers:

The development contains 163 apartments, with an 11-story atrium in the middle.

As for prices, a 10th-floor studio was listed at $1,850 a month. Down the hall, a one-bedroom apartment goes for $3,900. Meanwhile, a quick tour of a two-bedroom unit reveals a price of $6,100.

A 10th-floor three-bedroom unit is $8,000, and the real penthouse is a wrap-around three-bedroom apartment. There is nothing like it, but it will cost $10,000 a month.

All of them feature a fantastic floor-to-ceiling view of Phoenix. 

"We’re taking reservations every day now," Phillips said.

Dig deeper:

It might seem hard to find renters at $10,000 a month, but Phillips said this specific $10,000 unit is actually already spoken for.

"This area, specifically, is very underserved. Nothing of this quality has been delivered in uptown Phoenix, ever," Phillips said.

 While the housing shortage drives hopes for more conversions, Stratton said they can be complicated and expensive to complete.

"The entitlements that have to be gone through, the design that has to be taken into consideration, when you’re designing something like this, and the time to work with the jurisdiction you’re working with to be allowed to turn it into housing," Stratton said.

What's next:

Now that the doors are almost open, Stratton said the blueprint followed here might just be the beginning for other developers to follow along.

"When they see a proven product that’s actually made it this far, I think this is a huge stepping stone for Phoenix when it comes to office conversion," Stratton said.