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SUNRISE MANAGEMENT LAUNCHES RENOVATION ON PHOENIX AREA PROPERTY


180-Unit Community Acquired by 29th Street Capital for $21.65 Million

June 22, 2016

Sunrise Management has begun the nearly $1 million renovation of Park Tower, a 180-unit multifamily property recently acquired by Phoenix- based 29th Street Capital for $21.65 million.

Sunrise – a San Diego-based firm that has specialized in the management of residential real estate since 1978 – will assume day-to-day management of the 10.73 acre property, as well as oversee the comprehensive renovation, which will include extensive interior and exterior upgrades. Located in a suburb of Phoenix, the property is at 1283 W. Parklane Blvd in Chandler, AZ.

According to Kevin Pennel, regional vice president for Sunrise Management, improvements will include a new dog park, upgraded patios and exterior paint, as well as new cabinet faces, kitchen appliances and hardware, resurfaced counters, new flooring, lighting and fresh paint in all units – encompassing one and two bedroom apartments ranging from 700 to 1,000 square feet.

Fully amenitized, the community features a play area, clubhouse, covered parking, picnic/bbq area, swimming pool and hot tub, tennis courts and fitness center.

Sunrise currently manages 4,541 units in the Phoenix area, with properties in Phoenix, Mesa, Tempe and Scottsdale.

About Sunrise Management

Founded in 1978, Sunrise Management is a privately owned San Diego-based firm specializing in the management of residential real estate properties. The firm currently has regional offices in Sacramento, Las Vegas and Phoenix, overseeing more than 13,000 multifamily units throughout California and the Southwest. For more information, visit www.sunrisemgmt.com

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