RXR, North Carolina Investment Authority Launch $500M Multifamily Real Estate Partnership with Phoenix Development

RXR announced a $500 million strategic discretionary separate account with the North Carolina Investment Authority this week to provide structured equity solutions for over $2 billion of residential development and transitional real estate projects across the United States.

The partnership is seeded by a $64.25 million structured equity investment in a 327-unit luxury multifamily community located within PV Phoenix, the mixed-use redevelopment of the former Paradise Valley Mall in Phoenix, Arizona. RED Development, a fully integrated commercial real estate company based in Phoenix, is developing the project.

Multifamily Real Estate Development Details

The 327-unit luxury multifamily community will feature spacious residences, premium finishes, and extensive amenities, including direct access to a newly developed athletic and wellness club. Construction commenced in October 2025, with anticipated completion in 2027.

Investments will be made via RXR's Capital Solutions Platform, which is designed to provide flexible, bespoke capital solutions to sponsors, leveraging RXR's vertically integrated development, construction, and operating platform.

Real Estate Investment Strategy and Partnership Structure

The $500 million strategic account targets high-quality residential development and transitional real estate projects, with the Paradise Valley Mall redevelopment exemplifying the strategy of converting former retail sites into mixed-use developments.

Phoenix Real Estate Market Context

The PV Phoenix project represents a redevelopment of the former Paradise Valley Mall site in Phoenix. RED Development is managing the construction and development of the multifamily component within the larger mixed-use redevelopment. The project's amenities, including the athletic and wellness club, reflect the premium positioning within Phoenix's multifamily real estate market.

Strategic Implications for Real Estate Investments

The partnership positions RXR to deploy capital across multiple residential development projects through its Capital Solutions Platform. The $500 million account is structured to support over $2 billion in total project costs.