Rockwell Partners, a leading Chicago-based real estate investment and property management firm, recently completed the $26,150,000 acquisition of Tatum Place Apartments, a 164-unit, Class B multi-family community located in Scottsdale, Arizona.
“We spent 18 months studying the top major metros in the U.S., analyzing those markets and underwriting multi-family opportunities. For a variety of compelling reasons, Phoenix rose to the top,” said Jason Fishleder, principal at Rockwell. “Our investment philosophy is to improve existing, underperforming properties in communities with positive multi-family fundamentals, strong demographics, and highly diversified, robust economies. Tatum Place checked all of the boxes for us. We are excited to transform the community and grow our platform in Arizona.”
Built in 1984, Tatum Place consists of 11 two-story walk-up buildings in a resort-style setting with gated, secured parking. The community offers two swimming pools, fitness center and clubroom all within an attractive, well-landscaped setting. Tatum Place is located within minutes of the 101 and 51 highways, providing easy access to major employment, shopping, dining and entertainment, and the Phoenix Sky Harbor International Airport.
According to Fishleder, although the property is well-maintained and the former owner invested more than $1,000,000 in recent improvements, Tatum Place has not been improved to the standards currently provided by many comparable properties in the surrounding area. As a result, Rockwell plans to spend more than $4,000,000 in high-end improvements to all units and common areas, which will result in a high-quality, yet affordable community not otherwise available in the submarket. The company also will take over the property management responsibilities for Tatum Place.
Rockwell Partners is a full-service real estate investment and property management firm founded in 2009. Rockwell concentrates on the redevelopment of multi-family, mixed-use and commercial properties. The company currently manages 3,000 units.