AVE PARADISE VALLEY NOW OPEN

(MENAFN- GlobeNewsWire - Nasdaq) Award-winning Residential Real estate Company Debuts Elevated Apartment Living in Reimagined Paradise Valley Mall Development

PLYMOUTH MEETING, PA., Jan. 28, 2025 (GLOBE NEWSWIRE) -- AVE , the residential real estate brand of Korman Communities, in partnership with RXR, today announces the opening of AVE Paradise Valley (12400 North Tatum Boulevard), a new residential community with 400 apartments in the reimagined Paradise Valley Mall site. The state-of-the-art, mid-rise property becomes the first residential project to open within the vibrant mixed-use development.

“AVE Paradise Valley brings a completely unparalleled living experience to Arizona's newest, most desirable district – featuring resort-style amenities and high-touch service. Centrally located in PV, residents enjoy immediate access to an on-site Whole Foods plus tons of dynamic shopping, dining and entertainment options,” said President of AVE and COO of Korman Communities, Lea Anne Welsh.“This milestone also marks our third AVE property to open in the thriving region, following the success of our two communities in Downtown Phoenix – AVE Phoenix Terra and AVE Phoenix Sky.”

Amenities
AVE Paradise Valley features a high-touch, dedicated service team, along with 36,200 square feet of indoor/outdoor amenity space. Highlights include an on-site Whole Foods; resort-style swimming pool; full-service, on-site bar; state-of-the-art fitness center; pet parlor with spa, lounge and dog park; electric vehicle charging stations; and several outdoor courtyards with firepit lounges. Three acres of open space with landscaped pathways connect residents to a plethora of walkable shopping and dining destinations, such as the recently opened Sephora, Flower Child, Blanco Reserve Cocina + Cantina and Trevor's Liquor.

Apartments
Designed by Nelsen Partners and Streetlights Creative Studio , AVE's newest community offers 400 luxury apartments, including traditional apartment rentals and fully furnished apartments with flexible lease options. Residences include studios starting at $1,664, one-bedrooms starting at $2,122, two-bedrooms starting at $3,275 and three-bedrooms starting at $5,327.

All residences boast 10-foot ceilings, contemporary kitchens with GE stainless steel appliances, quartz or granite countertops, abundant closet space, GE washers and dryers, private patios or balconies, and spa-inspired bathrooms.

Location
The property is conveniently located 10 minutes from Scottsdale Airpark and 25 minutes from Phoenix Sky Harbor International Airport. Residents also enjoy easily accessible high-end shopping, dining, golf courses, hiking, biking, art and sports, all within 30 minutes or less by car.

"We are thrilled to open our third signature project in the Phoenix market with our partners at AVE, furthering our shared commitment to delivering a best-in-class, fulfilling residential experience," said Whitney Arcaro, RXR's Chief Revenue Officer, Residential.

AVE Paradise Valley is now leasing and open for move-ins. For more information and to submit an application, visit .

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About AVE and Korman Communities

Korman Communities is a fully integrated, fifth-generation, 100-year-old real estate investment and property management company with nearly 40 properties across the United States and London. AVE specializes in elevated apartment living for discerning renters and individuals seeking a flexible living solution for business or personal lifestyle. AVE conveniently offers traditional unfurnished apartments along with fully furnished apartments with flexible lease options. Each community features a dedicated service team and unparalleled business, wellness, and entertainment amenities such as flex workspaces with gigabit Wi-Fi; resort pools; firepit lounges; 24-hour, state-of-the-art fitness centers; wellness classes; bike share; tranquility gardens; pet spas and parks; media theaters; and outdoor gaming and recreation. Ranked the No. 1 property management company in the U.S. based on renter satisfaction in 2023 and 2024, AVE provides comfort and seamless living for those who want to LIVE BETTER®. .

Coming soon: AVE Santa Clara (Santa Clara, CA: Winter 2025); AVE Navy Yard (Philadelphia, PA: Summer 2025).

About RXR

RXR is an innovative real estate investment manager, operator, developer, and place-maker committed to applying a customer and community-centered approach to acquiring, operating, and building properties and to providing services and products that create enduring value for all stakeholders. Headquartered in New York with a nationally scaled platform, RXR is an approximately 450-person, vertically integrated investment manager with expertise in a wide array of value creation activities, including acquisitions, asset and portfolio management, property operations, development, construction, leasing, and technological innovation. RXR is an active investor in real estate credit, rental housing, commercial property, and property technology through value-added and opportunistic investment strategies. The RXR platform manages 107 commercial real estate properties and investments with an aggregate gross asset value of approximately $17.1 billion, comprising approximately 30.5 million square feet of commercial properties, a multi-family residential portfolio of approximately 9,800 units under operation or development, and control of development rights for an additional approximately 3,000 multi-family and for sale units as of June 30, 2024. Gross asset value compiled by RXR in accordance with company fair value measurement policy and is comprised of capital invested by RXR and its partners, as well as leverage.

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