PHOENIX, Jan. 25, 2022 (GLOBE NEWSWIRE) -- Torrance, Calif.-based Storm Properties Inc. has acquired Rise on McDowell Apartments, a Class B, 76-unit garden-style apartment community located in the booming East Phoenix submarket. Storm Properties will be implementing a complete property rebrand, including a name change to “The Landry Apartments.” Other improvements will include signage, exterior paint, modernized unit renovations, leasing office renovations, as well as an improved pool and amenities.
“We are excited to add Rise on McDowell to our growing portfolio. We remain bullish on the Phoenix market due to its sustained economic and job growth,” said Jay Ahluwalia, Storm Properties’ president. “Storm is actively seeking to expand our presence in the Phoenix market and will look to acquire several additional multi-family communities in the metro area in 2022.”
Completed in 1984, the complex is comprised of one- and two- bedroom floorplans ranging in size from 635 to 920 square feet. Community amenities include a swimming pool, picnic and courtyard BBQ area, and covered parking. The complex is located near several major freeways including Interstate 10, State Route 51, and Loop 202. Future residents will enjoy convenient access to various jobs hubs across Downtown and Central Phoenix, Scottsdale, Mesa, and Tempe.
“We would like to thank Dan Cheyne and his team at Berkadia for representing both buyer and seller in this transaction,” said Alan Kwan, senior director of acquisitions at Storm Properties.
Storm Properties has extensive experience in acquiring, entitling and developing single family and multi-family projects. It is also an active acquirer, developer, owner, and manager of multifamily, industrial, and commercial property, with a primary focus in Southern California and Phoenix. A full-service real estate firm, Storm has successfully developed over 1.3 million square-feet of industrial and commercial buildings, and 57 infill residential communities.
Storm Properties is a subsidiary of Torrance-based Storm Industries Inc., an innovative and entrepreneurial organization with a growing family of companies. Over its 85-year history, Storm has evolved from a single brass foundry in Los Angeles to a highly diversified group of businesses operating across the globe.
For more information, contact Alan Kwan, senior director of acquisitions, at (310) 986-2432, or via email at AKwan@storm-properties.com.
Contact:
Ann Romano
(949) 310-5876
annromano@cox.net
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