Korman and RXR - Innovating and Investing in Properties Across the Nation

24 January 2023 People Are Talking Business AVE

Korman Communities has a long history of strategically partnering with individuals, venture capitalists, funds, and companies that share our mission for bringing innovative products and services to the multi-family residential real estate market. Today, our Korman Acquisitions, Development, and Investment teams are continuing this legacy of applying future-forward thinking to real estate ventures. Joining us are elite partners, like RXR, who bring a like-minded approach to developing multi-family premier properties.

“Through our partnership with Korman, we’re giving residents a best-in-class experience, with unique amenity-rich programming, state-of-the-art technology, and unparalleled ‘five-star’ customer service,” says Scott Rechler, Chairman and CEO of RXR.
In our partnership with RXR, headquartered in New York with a national strategy, we are working together to purchase and develop five-star multifamily investment properties in some of the strongest-performing real estate markets around the country. With RXR, we’re raising the bar once again by providing luxury apartments for the discerning renter and fully furnished contemporary apartments for individuals who need a flexible living option. 
“We are focused on growing our AVE portfolio of first-class residential properties in key growth markets across the U.S.,” says Bradley Korman, co-CEO of Korman Communities. “We are proud to have RXR as our partner, as our organizations are aligned on values and visions for the future.”

Bringing Unsurpassed Residences to Both Desert and Seaside Communities

Expanding upon its initial investment with AVE in over 1800 residential units spanning seven properties in northern New Jersey and the Greater Philadelphia Area, RXR and Korman Communities have partnered in two vibrant new markets: Phoenix, Arizona and Tampa, Florida.
AVE Phoenix Terra was introduced in early 2022. Boasting 60,000 square feet of amenity space, the brand new 348-unit, seven-story, AVE Phoenix Terra is more than just luxury apartment living. It’s a new style of living for individuals, couples, and families seeking both short- and long-term leases in the Phoenix region.  AVE brings its best-in-class multifamily apartment living experience, designed to deliver the ultimate carefree lifestyle and a strong sense of community.
As Lea Anne Welsh, COO of Korman Communities and President of the AVE division, explains, “The Phoenix housing market has never been hotter in recent history.”  Describing AVE’s flexible-stay offerings, which are novel and unique to the Phoenix area, “We can be a place for individuals needing a stay for 30 days or longer to hang their hat until they find their next home. They just need to bring their suitcase – we’ll take care of the rest!”  AVE’s dedicated on-site hospitality team excels in superb concierge services.
Since its opening, AVE Phoenix Terra has become a highly sought-after first-class residential property. Residents are attracted not just by its month-to-month leasing options but by the inspired floorplans and community features such as a pristine pool, access to courtyards, putting green, fire pit lounge, 24/7 fitness center, supportive business center, mixology lounge, and even a dog wash station. Long-term residents can rest easy knowing that they get to enjoy all first-class amenities as well. Welsh notes that the focus her team is to ensure residents feel like their every need is anticipated and met.
AVE Phoenix Terra will feature onsite dining concepts and more convenience amenities. These will come concurrently with the opening of another similar space downtown, AVE Phoenix Sky, opening January, 2024. Like Phoenix Terra, AVE Phoenix Sky has been purchased by Korman Communities and RXR to serve as yet another multifamily unit building aimed at surpassing resident expectations.  This brand new, state-of-the-art residential high-rise soars over Downtown Phoenix with 17 floors of chic, spacious apartments for rent and sophisticated fully furnished apartments for shorter stays.  AVE Phoenix Sky, with inspiring city and Camelback views, features unparalleled amenities including a sky deck with resort pool, hot tub, and grilling stations, spacious clubhouse with comfortable seating options and gaming, resident social lounge with fully equipped, chef-inspired kitchen and dining areas. 
Developing innovative housing solutions in the desert beauty of Phoenix is only the beginning of the Korman-RXR partnership. The partnership has also concentrated its winning strategy along the seaside city of Tampa, Florida. Chosen because of its location in the heart of Downtown Tampa, AVE Tampa Riverwalk appeals to residents because of the city’s dynamic cultural scene. This central location also makes it desirable for area professionals. 
AVE Tampa Riverwalk features a variety of apartment floorplans ranging from studio to three-bedroom featuring contemporary amenities including chef-inspired kitchens.  All residents enjoy complimentary access to unprecedented, on-demand amenities featuring a palm-tree lined pool courtyard with lounge areas and outdoor kitchen, a dynamic rooftop lounge boasting a fully equipped kitchen, fire pit, comfortable seating, and breathtaking views of Tampa.  AVE’s professional Resident Services team is on site seven days a week to assist with day-to-day living needs.
“We want to ensure our residents are comfortable and feel taken care of,” says Welsh. “Our experienced, friendly team is on site every day to provide a quality living experience and a sense of community through concierge support, events, and partnerships.”
AVE Tampa Riverwalk also boasts 12,000-square-feet of retail space, with the goal to bring six exciting dining and fitness concepts to the neighborhood and ultimately offer more convenience amenities for residents. Rumble Boxing, Pacific Counter, BARE Blends, Melting Pot Social, and Flatbread & Butter have already signed commitments. 

Superior Planning and Partnerships Equates to Excellent ROI

The emphasis on resident satisfaction and the importance of customer loyalty has always been essential to Korman Communities' core ethos and success. The more pleased residents are with the concierge services, resort-style amenities, and meticulously maintained facilities, the more likely they are to stay. Along with esteemed partners like RXR, Korman Communities is paving the way for real estate investors to experience gains, growth, and improvement in their investments without ever sacrificing quality.
To learn more about partnering with Korman Communities, contact us.

AVE Phoenix Terra
AVE Phoenix Terra
AVE Tampa Riverwalk
AVE Tampa Riverwalk
AVE Phoenix Sky
AVE Phoenix Sky