Sunrise Management – a San Diego-based firm that has specialized in the management of residential real estate since 1978 – has completed the more than $3 million renovation and rebranding of four Phoenix area multifamily properties, all recently acquired by San Francisco-based 29th Street Capital for nearly $19.3 million.
According to Sunrise Management CEO and president Joe Greenblatt, the properties – the 206-unit Sonoran Palms, the 92-unit Mark@87 and the 108 unit Village Green (all in Mesa) and the 72 unit Williams Gateway in Gilbert – have each received major interior improvements including new sales office furnishings and décor, new flooring, carpeting, appliances, lighting and paint in all units. All the properties have also received significant landscaping and exterior upgrades, including:
- Sonoran Palms: A new dog park and picnic area, exterior painting, pool renovation and outdoor furnishings, parking lot resurfacing, as well as a new name, logo and signage
- Mark @87: Added limited access gate system, exterior paint, pool rehab and new furnishings, parking lot resurfacing and a new name, logo and signage
- Village Green: Added a dog park and picnic area, exterior painting, pool area redo and new outdoor furnishings, conversion of storage units to apartments, new logo and signage
- Williams Gateway: Installation of a dog park and BBQ /picnic area, exterior painting, pool rehab and outdoor furnishings, a new name, logo and signage
“We are pleased to infuse a fresh look as well as maximize value for these properties,” Greenblatt said. “Because of our ability to add value via careful re-branding and positioning, as well as the robust multifamily market in the region, we expect to experience continued growth in the Phoenix area.”
Sunrise currently manages 4,363 units in the Phoenix area, with properties in Phoenix, Mesa, Tempe and Scottsdale.