April 25, 2025 6:43 pm
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MF tower in DT Phoenix hits construction milestone

By Claudiu Tiganescu | Multi-Housing News

Ray and VeLa have topped out their 401-unit downtown Phoenix project. Dubbed Ray Phoenix, the 26-story luxury tower is set to reach completion by early 2026.

Construction debt amounts to $200 million, according to Yardi Matrix data. RXR provided $120 million last June, while Axos Bank originated $80 million in December 2023.

Johnston Marklee & Associates and Lamar Johnson Collaborative provided architectural services, an in-house Ray team together with Parts and Labor Design planned the community’s interiors and Grace Fuller Design handles landscaping. Clayco serves as general contractor. The team kicked off construction last April.

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