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Behind The Renovation Of A Diverse Multifamily Portfolio

As published in by Carrie Rossenfeld
Sept. 15, 2017

SAN DIEGO—Sunrise Management’s repositioning of 481 units in two different Phoenix markets owned by a joint-venture partnership works because each partner shares deep multifamily investment and repositioning experience, president and CEO Joe Greenblatt tells As we previously reported, the San Diego-based arm, which has specialized in the management of multifamily properties since 1978, has begun $2.4 million in renovations and repositioning for the two communities—Sonoma Pines in Peoria, AZ, to be renamed Peoria Modern, and Sonoma Villas in Mesa, AZ, to be renamed Modern on Gilbert—which were recently acquired by a partnership of Phoenix-headquartered Modern Residential and Bostonbased Henley USA.

Sunrise will oversee comprehensive renovations for both properties, including extensive interior and exterior upgrades. Arizona-based Vision Enterprize LLC has been named general contractor.

Greenblatt says the addition of these properties to the Sunrise portfolio marks the beginning of an exciting new venture with Modern Residential and Henley USA. We sat down with him to discusses the project and what the future may hold for these entities. How did these three entities come together?

Greenblatt:We met Mitchell Bradford of Modern Residential—an Orange County investment company—in Phoenix last year when he was building a platform for his next generation of apartment investment. In turn, he introduced us to Tad Springer, director of operations for Henley USA, the US- based afiliate of Henley Investment Management Limited, a privateequity real estate arm. Our discussions revolved around our shared investment and operating goals as well as our business philosophies, and we discovered many commonalities. What are each company’s strengths and what does each bring to the table for this deal?

Greenblatt:We all share deep multifamily investment and repositioning experience. Henley has a strong capital-sourcing program, a wealth of real estate know-how and innovative investment strategies. Modern Residential brings creativity and a clear multifamily investment vision and track record to the new Henley Modern Residential partnership. Sunrise Management, which specializes in rebranding and repositioning properties as well as property management, has a long history of successfully repositioning properties and is well positioned to help further the Henley Modern Residential brand. What types of ventures do you foresee in the future?

Greenblatt:We believe our companies ideally complement one another and we are all focused on collaborating on future ventures together. We expect to continue to pursue the brand strategy with investments in other value add multifamily properties—in Phoenix and beyond— that will benefit from renovation and repositioning, each with its own unique resident experiences. Can you describe the communities?

Greenblatt: Modern on Gilbert at 1800 E. Covina St. in Mesa orders the convenience and privacy of a single-level apartment community and is located near Downtown Mesa close to shops, restaurants, schools and entertainment. The community will over a variety of updated amenities to include a pool area with Wi-Fi, a new dog park, clubhouse, in-suite washer/dryer, eat-in kitchen, lush gardens, fitness center and more.

Peoria Modern at 8650 West Peoria offers convenient proximity to highways, minimizing our residents’ commute. Residents will enjoy renovated amenities including a larger and modern clubhouse, expanded barbecue/outdoor areas, Wi-Fi in two pool areas, state-of-the-art fitness center, a new package-handling system and more.

Both communities are being transformed into dynamic places where residents can feel good about where they live. What else should our readers know about this deal?

Greenblatt:The new look and feel of these properties will go well beyond the renovations. The new name and logo sets the tone for each property, and the upgrades are designed to be eyecatching and creative, but not overbearing. We will further convey the new brands via advertising, social media, the website and new signage.

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