Downtown Phoenix Apartment Tower Heads To Auction After $128M Loan Goes Unpaid
X Phoenix, the 330 unit apartment community at 200 W. Monroe Street in Downtown Phoenix, is headed toward a trustee sale after its developer failed to repay a $128 million loan tied to the property.
According to Maricopa County documents, lender Mack Real Estate Group has scheduled the first phase of X Phoenix to be sold at auction on December 10 at Maricopa County Superior Court.
The property originally opened as a roughly $100 million development and marked Chicago based The X Company’s entry into the Phoenix market.
Ben and I were discussing this only a couple days ago; about how it seemed all progress had ground to a halt. To be honest, the entire concept and design of X Phoenix was odd from the beginning. Based on its description it sounded more like a high-tech dormitory for young adults (private bedrooms and baths, but shared living and kitchen facilities) than a traditional apartment building. Nevertheless it seemed to fill up quickly. Maybe I’m just old, but…no thanks!
The first phase of this building went up pretty quickly. It was directly north of City Hall so I saw it every day.
They started construction on Phase 2 in late 2023 or early 2024, and it seemed it was taking forever. When I retired from the City in January 2025, it still wasn’t finished, although it looked close enough that would probably be done by the end of the year.
Well, imagine my surprise when I was downtown a couple weeks ago and saw that it still wasn’t completed, and in fact, looked like precious little had been done since I last saw it 20 months ago. At least now I know why.
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