Unpaid $128M loan sends downtown apartment community X Phoenix to trustee sale

9/15/2026

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Phoenix Business Journal

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• Subcategory: Capital Markets: Debt, MF: Market Rate

• Tag: Default | Foreclosure | Opportunity Zone (OZ) | Proposed | Strategy

• Additional Filters-Subcategory: MF: Highrise

Highlights
Mack Real Estate Group will auction X Phoenix's first phase on Dec. 10 after developer defaulted
Downtown Phoenix's overall vacancy rate reached about 20% in the second quarter
Metro Phoenix construction pipeline declined 27% year-over-year to about 23,000 units