Plan Upgrades for North Phoenix Multifamily Rental Community
Columbus, OH, April 13, 2022 – CREC Real Estate, LLC (“CREC”) and Rincon Capital Partners (“Rincon”) today announced they have jointly acquired Ascent 1829 Apartments (“Ascent”), a 180-unit, Class B multifamily community located in North Phoenix, AZ. Terms of the transaction were not disclosed.
With more than $1 billion of real estate assets under management, CREC specializes in multifamily real estate investments in secondary cities throughout the United States. In addition to Ascent, CREC and Rincon have collaborated on four prior joint ventures, located in Phoenix and Tucson, AZ and Hilton Head and Charleston, SC.
The new owners expect to invest up to $4.2 million to renovate common areas and upgrade interiors and appliances to bring the property on par with nearby recently repositioned residential communities.
The six-acre property, built in 1980 and located at 1829 E. Morten Avenue, is in a northern submarket of Phoenix, with convenient access to nearby jobs, retail and entertainment. The city has recently benefited from its burgeoning reputation as a financial services, healthcare and tech hub and is attracting major corporations and significant office campus construction. Phoenix’s diversified economy, comparatively low cost of living, and business friendly environment have been driving recent economic growth and supporting demand for quality housing. The North Phoenix submarket boasted a 97.6% average occupancy rate throughout the third quarter of 2021, according to real estate software provider RealPage.
“Multifamily continues to outperform, and the economic and employment dynamics of Phoenix bode well for properties of this type. CREC sees an important value-add opportunity at Ascent, and we believe that, together with our partners at Rincon, we can transform this community into a market-leading option for the growing number of residents in the North Phoenix area,” said Jeff Coopersmith, Founder and Chairman of CREC.
CREC Real Estate, LLC (CREC) is a private equity real estate investment firm. Based in Columbus, Ohio, the firm sponsors real estate investments through its private fund and private placement offerings and has more than $1 billion of real estate assets under management. Employing a value-add strategy, the firm specializes in multifamily investment in secondary cities throughout the United States. Since CREC’s inception in 2001, it has closed on 57 investments across 19 states.
Rincon Partners (www.rinconpartners.com) is a vertically integrated, full-service real estate investment and management firm. Rincon is headquartered in Phoenix, AZ with acquisition offices in Atlanta, GA and Dallas, TX and targets opportunistic and value add multi-family and self-storage commercial real estate in the Southwest and Southeast United States.