Search
 

$5M Rehab Eyed for $15M Midtown Purchase

PHOENIX-Crown Pacific Properties, partnering with AEW Capital, corners the deed to the 40-year-old Camelback Towers. The game plan is a new name and full makeover of the 255 units will reposition the acquisition into an upscale residential destination.

By Lee Simmons | Updated on March 23, 2004

PHOENIX-Crown Pacific Properties LLC has purchased the 40-year-old Camelback Towers apartment building for $15 million, lining up a new name and a $5-million renovation plan for the midtown property.

The San Diego-based multifamily real estate company acquired the 255-unit building from Seth Meltzer, a Michigan private investor. The deal was the first for Crown Pacific’s new joint venture partnership with AEW Partners IV LP, an institutional investment fund managed by AEW Capital Management LP of Boston.

“The location and fact that we have 20,000 cars pass by the property every day, as well as the fact that the bones of building and infrastructure are in such great shape, were great reasons to rehabilitate,” Ed Easley, Crown Pacific’s president and CEO, says of Camelback Towers at 4750 N. Central Ave. in the heart of Phoenix. The joint venture obtained acquisition financing from the Horsham, PA-based GMAC’s Residential Funding Corp., a one-year-old pool targeting the housing market.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.