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C&C Acquisitions Beefing Up $20M Portfolio

PHOENIX-The New Jersey-based investment group spends $3.2 million for an 84-unit, 92%-occupied apartment complex in Phoenix at the same time it breaks ground on a $3-million fitness center for Mesa.

By Beverly Ford | Updated on December 30, 2002

PHOENIX-A New Jersey-based development and management firm that first moved into the Phoenix market 18 months ago has added two new properties to its portfolio with the purchase of the Orangewood Place Apartments in Phoenix and the development of a Mountainside Fitness Center in Mesa.

James Butwin of C&C Acquisitions LLC tells GlobeSt.com that the properties are both good investments for the group, which has amassed more than $20 million in holdings since entering the Phoenix market just 18 months ago. “Our strategy has always been to acquire solid properties and maximize them,” said Butwin.

The group picked up the Orangewood Place Apartments at the intersection of 27th Avenue and Northern, just South of the Metro Center for $3.2 million in a deal that gave C&C instant equity. The 84-unit complex sold for $39,000 per unit in a market where other properties average around $55,000 per unit, Butwin said.

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