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, Ariz.
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.