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9/08/22
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SB Real Estate Partners has purchased Obsidian on Ocotillo Apartments, a 232-unit multifamily project in Glendale, AZ, for $56.4 mil, or $243k/unit. The property was sold by Tower 16 Capital Partners, who acquired the asset in April 2021 for $40 mil in an off-market transaction. The buyer is planning to further improve the property during its ownership.
Obsidian on Ocotillo Apartments, formerly known as Summerhill Place, is located at 6801 W. Ocotillo Rd in Phoenix. The property is in the Glendale submarket of Maricopa County, less than eight miles from downtown Phoenix. It is conveniently situated near the I-60 Fwy and Arizona State Route 101, allowing quick access to downtown Phoenix and other parts of Maricopa County.
Obsidian on Ocotillo was built in 1986 and consists of 14 buildings situated on 8.55 acres. Common area amenities include gated access, two pools, laundry facilities, barbeques, a playground and dog park. The project is comprised of one-bedroom and two-bedroom units including fully equipped kitchens with stove/ovens, refrigerators, ceiling fans, washers and dryers.
Tower 16 spent over $2.7 mil in renovations and upgrades to the property during its ownership. According to Tower 16 Co-Founder Tyler Pruett, the firm has now executed three roundtrip investments in the Phoenix market representing nearly $120 mil of sale value.
Jesse Hudson, Trevor Koskovich, and Bill Hahn of Northmarq Phoenix advised Tower 16 on the sale.
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