San Diego-based Crown Pacific Properties acquired the 17-story,255-unit tower earlier this year, making its first acquisition inPhoenix. "When we first saw the building…it was obvious that ithadn't been taken care of, but we felt that the bones of thebuilding were good and that it could be terrific if you wereprepared to spend the money to update it and bring it back to itsoriginal ambiance," John Ed Easley, president and CEO of CrownPacific, tells GlobeSt.com.

Easley says Crown Pacific also was attracted to the building'slocation. Located at 4750 N. Central Avenue, Landmark Towers isjust a few minutes north of downtown. "It has a lot of visibility,and the future light rail will go right in front of the tower," hesays. "We think that will benefit us in the years to come."

According to Easley, the goal of the renovation was not tochange the retro feel of the building. "We decided not to make itsomething that its not," he says. "It is what it is. We just triedto enhance it."