Foundation 8 purchased the troubled Sheraton Crescent in Phoenix, and plans to convert the hotel units to 1,786 apartment units. Foundation 8 bought it out of receivership for $9.25 million. The Phoenix Business Journal reports the 342-room Sheraton Crescent had been in receivership, and closed, for three years.

Besides Foundation 8, Trillium and Gia Hospitality are part of a team that plans to participate in the repurposing project, which basically surrounds Metropolitan, the newest incarnation of what used to be Metrocenter Mall.

Plans call for investing $120 million to convert the hotel to 258 units and later add three more residential buildings on land surrounding the building.The property has two swimming pools, two tennis courts, two restaurants with adjacent full kitchen facilities, a fitness center, business center and 10 meeting rooms totaling 18,950 square feet. The apartment community will be renamed the Crescent.

After completing the Crescent, the group expects to build numerous other nearby rental communities, amounting to a $400 million investment.

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