San Diego-based Crown Pacific Properties acquired the 17-story, 255-unit tower earlier this year, making its first acquisition in Phoenix. "When we first saw the building…it was obvious that it hadn't been taken care of, but we felt that the bones of the building were good and that it could be terrific if you were prepared to spend the money to update it and bring it back to its original ambiance," John Ed Easley, president and CEO of Crown Pacific, tells GlobeSt.com.
Easley says Crown Pacific also was attracted to the building's location. Located at 4750 N. Central Avenue, Landmark Towers is just a few minutes north of downtown. "It has a lot of visibility, and the future light rail will go right in front of the tower," he says. "We think that will benefit us in the years to come."
According to Easley, the goal of the renovation was not to change the retro feel of the building. "We decided not to make it something that its not," he says. "It is what it is. We just tried to enhance it."
To that end, Crown Pacific did not make any structural changes to the tower. The company instead focused on updating the infrastructure. "We spent a lot of money on systems and elevators," Easley says. Additionally, Landmark Towers' amenities have been improved. "We wanted to put the emphasis on the building lobby, the clubhouse and the Sky Lounge," he says. For example, the tower's lobby now features a new business center and a conference room. And it now has a rooftop deck, the Sky Lounge, with a pool table, a plasma television and indoor and outdoor fireplaces.
Landmark Towers' five floor plans have been rehabbed with new kitchens and bathrooms, carpeting, crown molding and accent walls. Each unit now features a wall of glass with oversized balconies. The one-bedroom units range from 413 sf to 755 sf and the two-bedroom units are 947 sf.
Crown Pacific has implemented three pricing packages--silver, gold and platinum--that are based on floor, view, amenity and unit-styling premiums. Rents range from $650 to $1,450 a month. "With the distinct pricing structures, we think that that Landmark Towers will appeal to a wide section of renters," Easley says.
Thomas Cox Architects of Irvine, CA, handled design for Landmark Towers while Irving, TX-based JPI handles leasing and property management. Landmark Towers is owned in partnership with AEW Capital Management LP.
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