Stellar Residential hosted more than 50 industry partners and guests at a “glass-raising” ceremony yesterday to honor the commencement of construction for the highly-anticipated renovation and repurposing of One Camelback into an upscale apartment building.
The iconic 11-story, 215,245-SF structure has been part of the Uptown Phoenix landscape at Camelback Road and Central Avenue for three decades. Because the framework already exists, Stellar Residential chose to transform the traditional groundbreaking ceremony and raise champagne glasses to signify and celebrate the many changes to come.
With UEB at the helm of construction and the designs of Erwin Architecture & Development, One Camelback Uptown Apartments will be introduced to the highly sought after and changing Uptown Phoenix neighborhood in early 2020.
The event was part of Stellar Residential’s unveiling as a new management company, which has given property management a refreshing overhaul on how business is traditionally conducted. Its innovative platform is similar to the “ride-share” renaissance that took hold of San Francisco in 2009 when a company named Uber emerged.
Stellar Residential’s goal is to influence apartments owners’ assets personally without the diluting effects of backend office management.
“We have seen such an explosion of expertise-based companies launch in recent years, all surrounding the specific and unique facets of multifamily management,” said Jay Dassele, Vice President and Co-Founder of Stellar Residential. “Whether it’s accounting, HR, training or marketing, their wheels are already in motion and we hitch an economical ride.”
One Camelback will feature several high-end amenities including a rooftop swimming pool, yoga lawn deck, lounge-style clubhouse, and electric car-charging stations. It will comprise 163 units and offer 16 floor plans. It will feature studio, 1-, 2-, and 3-bedroom apartments. Demolition has begun on the upper floors of the former office building.
Stellar Residential’s platform is asset focused rather than its own management company brand. “This alone has resulted in substantial expense savings in the communities we have transitioned,” said Dassele, referring to management company related expenses.
Stellar Residential is eager to implement its platform at One Camelback. Its executives have conducted the lease-up of more than 60 new multifamily developments throughout Arizona. It strives to bring a fresh approach to each property it manages.
The repurposing of One Camelback from office to residential is undoubtedly the most aggressive design and construction undertaking ever performed in Phoenix.
“We are excited to be such an integral part of the process,” said Dale Phillips, President and Founder of Stellar Residential. “That’s why Stellar ‘moved into’ the building during the early stages of the demolition process. I feel a deep sense of responsibility on behalf of ownership to this iconic building and location. Immersing ourselves into the process allowed us to influence our vison for use of space, floorplan layouts, unit mix, amenities and services.”
Stellar Residential was founded by Phillips, Dassele and Tanner Bickelhaupt, who together possess more than 60 years of operational experience influencing more than 30,000 units under their leadership and delivering more than 15,000 new units to the market.
Stellar Residential operates in Phoenix, Scottsdale and Flagstaff and is poised to carve a national presence with a business model built for a new generation of multifamily management.