For nearly five years, the tower at Central Avenue and Camelback Road stood as one of Phoenix’s most puzzling real estate stories. Commuters admired its angles and shimmering glass. But for all its promise, One Camelback remained frozen, an office-to-apartment conversion turned cautionary tale.
The building was roughly 80% complete, and 100% stuck. Contractors left. Lawsuits circulated. It fell into default after a perfect storm of cost escalation, rising interest rates and pandemic-era disruptions. Acore Capital, the lender, ultimately took ownership through foreclosure. Inside the tower, high-end finishes gathered dust while demand for multifamily in Uptown Phoenix only grew.
TK Stratton, founder and CEO of Phoenix-based Kinella Capital, LLC, has built a career in the shadows of disaster: thousands of homes and buildings restored after fire, water and structural failures, plus complex insurance disputes most investors avoid. “He’s the guy you call when everybody else walks away,” says Dale Phillips, whose firm provides development strategy and lease-up guidance…