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Apartment tower near ASU downtown to open in November

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Posted at 8:44 AM, Sep 10, 2020
and last updated 2020-09-10 11:44:27-04

Chicago-based Akara Partners LLC, which opened a leasing office for its Kenect Phoenix multifamily project this summer, is on track to open Nov. 14 next door to Arizona State University's downtown Phoenix campus.

So far, the 23-story structure at 355 N. Central Ave. has 10 leases.

Rajen Shastri, CEO of Akara Partners, expects the 320-unit tower to be leased up within a year. About 10% of the units offer co-living space where a tenant can rent a bed and share common areas with other tenants in a 3-bedroom unit.

"Before the term co-living was coined, people have been living with roommates forever," he said. "Some people may not be able to afford a studio unit so they can share a unit with others.

At Kenect Phoenix, residents are only responsible for their own rents and don't have to worry about covering the costs of other roommates.

Monthly bed rentals in a 3-bedroom co-living space cost in the $1,200s while monthly leases for 1-bedroom units are in the $1,700s.

Read more of this subscription-only story from the Business Journal.