PHOENIX, AZ, November 09, 2017 /24-7PressRelease/ -- Marking its second venture with Henley Modern Residential in the Phoenix area, Sunrise Management, which has specialized in the management of multifamily properties since 1978, will oversee a $3.6 million renovation and repositioning project on two recently acquired apartment communities.
Henley Modern Residential (HMR), a recently formed partnership between Henley USA and Modern Residential Company, acquired the two existing apartment communities, located at Northern and 19th avenues in Phoenix, bringing its total Phoenix acquisitions in 2017 to nearly 1000 units.
San Diego-based Sunrise has been tapped to help all spearhead marketing and property management, as well as transform the two apartment communities - both built in 1979 and originally known as Bella Norte and Metro on 19 -- into one, 488-unit millennial-targeted and transit-oriented community rebranded as Modern on the Rail.
Working closely with Henley Modern Residential, Sunrise Management will help direct the renovations, which include constructing a new state-of-the-art clubhouse and leasing center as well as new onsite maintenance offices, exterior recreation amenities and a dog park. Vision will serve as general contractor.
Modern on the Rail offers studios and one- and two-bedroom apartments. The existing community amenities include five swimming pools, shared barbecues and large recreation areas with six on-site laundry facilities. Located adjacent to the Phoenix light rail system, it is within walking distance to dozens of restaurants and retail, including Sprouts, Albertsons, Starbucks, Walgreens, Boston Market, LA Fitness and Chase Bank. Also nearby is access to I-17 and SR 51.
"It's always a pleasure to collaborate with Henley Modern Residential," said Joe Greenblatt, president and CEO of Sunrise Management. "They share our vision regarding the considerable growth potential for Phoenix and its surrounding areas."
Tad Springer, director of operations for Henley USA, said he is looking forward to working with Sunrise once more on another ambitious project. "With the sustained growth projected for the Phoenix area, we will continue to seek out opportunities in this area," he added.
Most recently, Sunrise and Henley Modern Residential joined forces to reposition two Phoenix-area multifamily properties: Peoria Modern and Modern on Gilbert, totaling 481 units.
Sunrise currently manages 4,388 units in the Phoenix area, with properties in Phoenix, Mesa, Tempe and Scottsdale.
About Sunrise Management
Founded in 1978, Sunrise Management is a privately owned San Diego-based firm specializing in the management of residential real estate properties. The firm currently has regional offices in Sacramento, Las Vegas and Phoenix, overseeing more than 13,000 multifamily units throughout California and the Southwest. For more information, visit www.sunrisemgmt.com.
About Henley USA
Henley USA, the U.S. based affiliate of Henley Investment Management Limited, is a private equity real estate firm operating across a broad platform, utilizing institutional and private investor capital. Henley's investment strategy is opportunistic and responsive, but also heavily risk-analyzed and risk-mitigated. For more information, visit http://www.henleyinvestments.com.
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