"We like the South Tempe submarket. Specifically about the project, we liked the fact that this was the first master-planned community done in the Phoenix area in the '70s," Ed Easley, president and CEO of Crown Pacific, tells GlobeSt.com. "It has lake frontage andalso frontage on Baseline Road, which carries 40,000 cars a day. There's great exposure to drive-by traffic."
The 25-acre Lakefront at West Bay at 999 E. Baseline Road was on the market 10 days at a list price nudging $15 million when the JV made its offer, Easley says. He expects a three- to five-year hold on the asset following renovations and repositioning. Acquisition financing was provided by Principal Financial Group Inc. of Des Moines. Tyler Anderson and Sean Cunningham, a Phoenix team with CB Richard Ellis Inc., represented the seller of record, CMIV LLC of Phoenix, in the transaction.
Developed in 1975, the holding has a pair of five-story buildings and one two-story structure. The 244 units range from 546 sf for one-bedroom apartments to 1,330 sf for a three-bedroom design. Monthly rents average $700 per unit.
Proposed renovations include installation of washers, dryers and microwaves to most units, exterior paint, expansion of an existing fitness center and the addition of a movie theater with wide-screen television. The Irving, TX-based JPI will manage the property.In January, the San Diego-based Crown Pacific and AEW Partners IV LP, an investment fund managed by AEW Capital Management LP of Boston, purchased the 255-unit Camelback Towers at 4750 N. Central Ave. in mid-town Phoenix for $15 million. That property similarly is undergoing a renovation and repositioning campaign with a $5-million price tag that will reintroduce the asset as the Landmark Tower.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 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.
