Crown Realty & Development Acquires Ocotillo Springs Community in Chandler, Ariz.
- Sep 02, 2014
Chandler, Ariz.—Irvine, Calif.-based Crown Realty & Development has announced that it has closed on the purchase of the 272-unit Ocotillo Springs Community in Chandler, Ariz. The $33.4 million acquisition is the company’s 10th purchase in the Phoenix area market since 2010 and the company already has plans for extensive interior renovations and other community upgrades. Greystar has been selected to manage operations and renovations at the community.
“Ocotillo Springs offers great floor plans with 10-foot interior ceilings and expansive public spaces,” says Rick Carpinelli, senior vice president of acquisitions and development for Crown Realty and Development. “When the renovations are completed Ocotillo Springs will be the equivalent in quality to new properties entering the market.”
Those plans will include multiple amenity upgrades including improvements to the swimming pool, clubhouse and the addition of a state-of-the-art health and fitness center. Interior modernization of finishes and other amenities will bring the community in-line with newer communities entering the market.
Ocotillo Springs offers a mix of one-, two- and three-bedroom homes that range in size from 742 square feet to 1,182 square feet. Units includes full-size washer and dryer, gas fireplace, full kitchens, private patios and balconies and outdoor storage. The community’s amenities are highlighted by two swimming pools, and also include a resident clubhouse, a fitness center, a business center and a conference room. The community is secured by controlled gated access.
Located at 825 W. Queen Creek Road in Chandler, the community is about 25 miles southeast of downtown Phoenix and 15 miles south of Arizona State University. The community is in close proximity of Loop 202, which provides convenient access to other major Phoenix area commuting routes such as Interstate 10 and Loop 101.
The acquisition follows on the heels of a nine other 1980s-era community acquisitions by Crown in the Phoenix area. From 2010 to 2012, the company purchased more than 1,000 units in the market, marking a new shift in strategy to acquire value-add properties.
“During the real estate downturn we had the opportunity to purchase properties with depressed pricing values,” Carpinelli says. “In today’s market, we look for communities with great locations and solid structure and then create value through modifications or upgrades to the property, which allows us to increase revenues and therefore returns.”