The Small Space Marketplace

List Your Space

Find Space

Home About Us Executive Subscriber Membership RENTV Conferences Newsletter Contact Us Advertise
June 13, 2024
 Search RENTV
 The REview
News Home Page
Southern California
Northern California
Pacific Northwest
Prop. Management
Press Releases
 R. E. Marketplace
Service Providers
Property Spotlight
 RENTV  Conferences
Subscriber Login:
Forgot Password?

ETC... ETC...
Printer-friendly Version   Email an Associate
Tower 16 Capital Partners Spends $55 Mil on Two Phoenix Multifamily Properties


Tower 16 Capital Partners has acquired a two-property multifamily portfolio consisting of 332 units in the greater Phoenix area for $55 mil, or $165.7k/unit.

The purchase includes the 232-unit Summerhill Place Apartments is in Glendale, and The Villas at Montebella Apartments, with 100 units. The properties were acquired from a private seller in an off-market transaction.

Built in 1986, Summerhill Place is located at 6801 W. Ocotillo Rd in Glendalez. The property is just minutes away from Hwy 60 and only a few miles from major employment centers on the west side of Phoenix. Villas at Montebella, built in 1974, is located at 10860 N. 85th Ave in Peoria, between Hwy 60 and the 101 Loop.

Tower 16 will be overseeing close to $6 mil in upgrades and renovations at both properties including modernized unit upgrades, a new clubhouse, gym and updated pool areas. The company will also be adding outdoor amenities including barbeques, seating and outdoor gaming areas.

Jesse Hudson, Bill Hahn, Trevor Koskovich and Ryan Boyle with Northmarq’s Phoenix multifamily team represented Tower 16, who has built up a portfolio of approximately 4,000 units in California, Las Vegas, Phoenix, Tucson and Denver. Tower 16 intends to build a portfolio of over 2,000 units in the Phoenix market over the next several years. Brian Mummaw, Brandon Harrington and Tyler Woodward, also with NorthMarq, secured debt financing for buyer.

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 © 2024 by RENTV, All Rights Reserved
Website designed by Regency Web Services, Inc. and powered by Lightning Media