August 30, 2019
Rockwell Property Co. made its second buy in four months in the Phoenix area, acquiring 192 units from City on Camelback. The Chicago investor paid $32.7 million to acquire a controlling interest in City on Camelback, a 360-unit, gated condominium complex north of downtown Phoenix.
The property at 909 E. Camelback Rd. delivered in 2002, after undergoing condominium conversion. However, only 168 units were sold during the economic downturn. Rockwell indicated that it would be open to buying more units within the complex, as individual owners decide to sell.
The portfolio owner plans to renovate the unit interiors by improving flooring and installing new cabinetry, quartz countertops, smart finishes and upgraded finishes. The company will also take over property management responsibilities.
Rockwell Property acquired the 164-unit Tatum Place Apartments in Scottsdale, AZ — its first buy outside of Chicago — in April 2019.
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