The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
July 9, 2020
 Search RENTV
   Go!
 Video Programs
 News
News Home Page
Southern California
Northern California
Pacific Northwest
Texas/Southwest
Retail
Multifamily
Financing
Prop. Management
Archives
Press Releases
 R. E. Marketplace
Service Providers
JobWorks
Property Spotlight
 RENTV  Conferences
Subscriber Login:
  
Email      
    Go!
Password      
Forgot Password?



ETC... ETC...
Printer-friendly Version   Email an Associate
Tower 16 Capital Partners and HG Capital Pay $65k/Unit for Phoenix Res Property

12/31/19

San Diego-based Tower 16 Capital Partners, in partnership with HG Capital, has acquired Lilly Garden Apartments, a 180-unit multifamily project in Phoenix. The property was acquired on an off-market basis from a private seller for $11.7 mil, or $65k/unit.

Lilly Garden Apartments is located at 4903 W. Thomas Rd, within a few miles of five Amazon distribution centers and seven miles from downtown Phoenix. The community consists mostly of studios and one-bedroom apartments with covered parking, three swimming pools, a playground and a leasing office.

Tower 16 will be overseeing $2.7 mil in renovations to the project including new outdoor amenities, an upgraded leasing office and interior renovations. Lilly Garden Apartments fits very well the firmís investment strategy of purchasing assets with significant operational upside below replacement cost, according to Tower 16 Principal Mike Farley.

This is the firmís first purchase in the Phoenix market, with its second property in escrow and scheduled to close early next year. Tower 16 has plans to acquire over 2,000 units in the Phoenix MSA over the next 18 months.

Real estate brokers Dan Cheyne, Ric Holway and Mark Forrester of Berkadia represented both the buyer and seller in the transaction.





Return to the Archive page


 


 


 
 
 



Home | About Us | Newsletter | Contact Us | Executive Subscriber Membership | Executive Subscriber Home | Advertise
Southern California | Northern California | Pacific Northwest | Southwest | Retail | Multifamily | Financing | Property Management
Archives | Press Releases | Service Providers | JobWorks | Property Listings

Copyright © 2020 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media