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Crown, AEW Partnership Make $34M Apartment Buy

SCOTTSDALE, AZ-The JV partners, taking down their fourth asset in the Valley, get control of the 442-unit Sunscape Apartments at 3500 N. Hayden Rd. near the Continental Golf Course. With the deal done, planning begins for a $3.5-million rehab.

By Jennifer D. Duell | Updated on October 29, 2004

SCOTTSDALE, AZ-Crown Pacific Properties LLC and AEW Partners IV LP have bought the 442-unit Sunscape Apartments for $34 million from Redwood City, CA-based Prometheus Real Estate Group Inc.

Sunscape Apartments is the fourth investment that the partnership has made in the Valley. During 2004, the CPP and AEW Partners IV joint venture also acquired the 440-unit Portofino Apartments in Phoenix, the 255-unit Landmark Towers (formerly Camelback Towers) in the downtown and the 244-unit Lakefront at West Bay in Tempe. It now counts nearly 1,200 units in its Phoenix portfolio.

“We think that Phoenix is a market that has gone through a reset…It has experienced substantial job growth and we think it’s a rebounding market,” says Greg Henderson, executive vice president and COO of Crown Pacific. “Things have really begun to turn around and overall we’re very pleased with the Phoenix market.”

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