Multifamily Vacancies are the Lowest in Decades

The pool at Park Tower is one of the numerous outdoor amenities.

CHANDLER, AZ—San Diego-based Sunrise Management has begun the nearly $1 million renovation of Park Tower and will assume day-to-day management of the 10.73 acre property. The comprehensive renovation will include extensive interior and exterior upgrades. Kevin Pennel , regional vice president for Sunrise Management, tells GlobeSt.com the multifamily market in the Phoenix metro continues to be in a high-growth mode. “Multifamily vacancy rates here are at the lowest levels in decades and as a result, Sunrise is experiencing rapid growth in the region.” The 180-unit multifamily property was recently acquired by Phoenix-based 29th Street Capital for $21.65 million. It is located at 1283 W. Parklane Blvd. in a suburb of Phoenix. The community features a play area, clubhouse, covered parking, picnic/barbecue area, swimming pool and hot tub, tennis courts and fitness center. Pennel continues to tell GlobeSt.com: “Our latest project in the Phoenix metro area, the 180-unit Park Tower, reflects our core mission of adding value for our clients via forward-thinking property upgrades  as well as the addition of key amenities. In this case we have added improvements to include a dog park, exterior paint and patio  renovations to infuse a modern look. Interior renovations include new lighting package, decorative backsplash, new cabinet fronts and decorative hardware throughout, and resurfaced countertops.” According to Pennel, improvements will also include new kitchen appliances and flooring, and fresh paint in all units–encompassing one- and two-bedroom apartments ranging from 700 to 1,000 square feet. Sunrise currently manages 4,541 units in the Phoenix area within 31 properties in Phoenix, Mesa, Tempe, Chandler and Scottsdale, AZ. Founded in 1978, Sunrise Management is a privately owned firm that has regional offices in Sacramento, Las Vegas and Phoenix. It manages more than 13,000 multifamily units throughout California and the Southwest.