|
|
5/12/21
|
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
|
|
|
|
|
Printer-friendly Version
Email an Associate
