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JV Antes Up $15M for 244 Units

TEMPE, AZ-Crown Pacific Properties and AEW Partners team for a second buy in the metro, paying $14.7 million for the 244-unit Lakefront at West Bay. The repositioning plan calls for $1.8 million in renovations in the next nine months.

By Lee Simmons | Updated on May 11, 2004

TEMPE, AZ-Marking their second JV purchase in the metro, Crown Pacific Properties LLC and AEW Partners IV LP have paid $14.7 million for the Lakefront at West Bay to a limited liability company in Phoenix. The JV intends to sink $1.8 million into capital improvements that ultimately will position the 95%-occupied property for increased rents.

“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.

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