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Phoenix & Southwest  + Phoenix  + Apartments  |  April 16, 2026
Ray Phoenix
Mike Boyd
By: Mike Boyd

Art-Infused Apartment Community Opens Doors

RAY and VELA Development Partners have delivered Ray Phoenix, a 26-story apartment development at 777 N. Central Ave. in Phoenix. The 401 units include furnished and unfurnished studios, 1-bedroom, 2-bedroom, multi-level floor plans, and Penthouse apartments. Rents range from $1,470 and $7,219.

The Phoenix Business Journal reports the project is expected to cost $180 million. Financing was provided by Axos and RXR.

The building was designed by architects Johnston Marklee & Associates, in partnership with Lamar Johnson Collaborative. Clayco was the builder.

The building broke ground in 2024 and offers one of the most comprehensive amenity packages in the downtown corridor with floor-to-ceiling windows offering mountain and skyline views, a ground-level art exhibition venue and retail space, indoor and outdoor garden spaces, and a specially commissioned, site-specific mural inspired by the Phoenix landscape in the resident lobby by renowned American multimedia artist Alex Israel.

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Ray and VELA

About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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