Residential · AZ
Camelback Assemblage
Eleven parcels assembled off-market below replacement cost — repositioned into fourteen estate residences on the Camelback corridor.
The position began as eleven separate holdings on the north slope of the Camelback corridor — assembled off-market over nineteen months and closed in 2023 at a blended basis of $62.4 million, 22% below replacement cost. No single seller saw the shape of the whole.
The corridor’s constraint is structural. Hillside ordinance, height limits, and a finished-lot supply near zero cap new inventory at a handful of residences a year, while demand from relocating capital compounds. Held at scale, the land does the underwriting.
Repositioning ran thirty-six months: the eleven parcels entitled as a single program of fourteen estate residences across thirty-eight acres, each sited to hold its view corridor, each built on the firm’s own build system — documented ground to glass.
The position is active. The first four residences are delivered and occupied; the balance phases through 2029, carried at 2023 basis. The firm is in no hurry. That is the point of the basis.
02 / Execution
Assemblage
Eleven parcels acquired in sequence, off-market. Blended basis 22% below replacement cost.
Entitlement
The holdings entitled as one program — fourteen estate residences across thirty-eight acres.
Construction
Phased groundbreak on the firm’s build system. First four residences delivered in twenty months.
Release
Phased delivery against demand, carried at 2023 basis. No forced sequence.
03 / Record
