I've been fortunate to have many long-standing and great relationships with some of the top investment sales brokers in Phoenix.  Every once in a while, the trust earned in these relationships leads to the opportunity to buy a property "off-market", and Camelback Lakes was one of these.

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Purchased in 2019 in a partnership with DRA Advisors, Camelback Lakes is situated on arguably the most prominent 12 acres in the Camelback Corridor.  This 1980's vintage office project - because of its core attributes of location, parking, ingress/egress - had remained leased over the years, but prior ownerships never attempted to take this property to the next level to compete in the Class A sector of this submarket.  After its purchase in 2019, a major interior and exterior renovation was completed - bringing the project from the 1980's to a modern and relevant project in the current market.  This renovation importantly included exterior design solutions to a long-standing wayfinding issue for the one of the buildings.   These renovations and improvements resulted in rental rate increases of over 30% in the 2019 to 2022 period - through the depths of Covid - all while maintaining an occupancy level significantly above the submarket.

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Further, beginning in 2023 an extensive and complicated entitlement process resulted in the approval of a boutique 60-unit multi-family project at the west end of the site.  This approval eventually led to the 2024 sale of the entire Camelback Lakes project to a buyer who wanted to control the development of this multi-family project, allowing for a highly successful disposition for the ownership.