Rockwell Property Acquires Controlling Interest of 360-Unit Phoenix Condominium Complex for $32.7 Million

CHICAGO, IL — Rockwell Property Co., a leading Chicago-based real estate investment and property management firm, recently completed the $32,700,000 acquisition of a portfolio of 192 units within the Citi on Camelback residential community located in Phoenix, Arizona, five miles north of downtown.  This purchase is Rockwell’s second multi-family acquisition in the Phoenix area in the past four months.

Built in 2002, Citi on Camelback is a high quality, resort-style, gated condominium complex consisting of 360 total units in the vibrant Camelback Corridor district of Phoenix.  The property was converted to condominiums in 2008, but due to the economic downturn only 168 units were sold.  Rockwell is open to acquiring additional condominiums within the community as individual unit owners decide to sell.

Rockwell plans to renovate the unit interiors over time to a Class A standard including improved flooring, new cabinetry, quartz countertops, smart technology and upgraded finishes throughout.  The company also will take over the property management responsibilities for the community.

“Rockwell is looking forward to further expanding our multi-family investments in and around the Phoenix metropolitan area, one of the leading residential growth markets in the country,” said Rockwell Property Co. Principal, Matt Welke.

About Rockwell Property Co: Rockwell Property Co. is a full-service real estate investment and property management firm founded in 2009.  Rockwell concentrates on the redevelopment and ownership of multi-family properties.  The company currently manages over 3,000 units. Visit www.RockwellProperty.com for more information.

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