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4/24/25
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Tower 16 Capital Partners and Raith Capital Partners have acquired Sanctuary at South Mountain, a 166-unit horizontal Build-to-Rent (BTR) property located near South Mountain in Phoenix. The property, built in 2023, traded for $48 mil, which works out to $289k/unit.
Sanctuary at South Mountain is located at the intersection of East Southern Ave and South 40th St, with close proximity to South Mountain and the I-10 Fwy, providing excellent access to Central Phoenix, Tempe and the East Valley. The property is a Class A, Build-to-Rent, multifamily community with a mix of one-, two- and three-bedroom apartments averaging 1.1k sf in size.
The property offers a variety of resort-style amenities including a sparkling swimming pool, a state-of-the-art fitness center, a pickleball court, walking trails and a large clubhouse. The low-density site plan features single-story and two-story cottage style units that each have their own private fenced in yards.
“The property has performed exceptionally well during lease-up. We credit the strong performance to the great unit mix featuring 80% two- and three-bedroom units and a relatively insulated pocket of Phoenix that has limited new supply. The property has a top-of-the-line amenity set with an excellent clubhouse and was extremely well designed by the developer. We are excited to acquire another BTR asset and believe the property is well positioned to serve the tenant demand in the area,” said Tower 16 Co-Founder Tyler Pruett.
Mark Forrester and Andrew Curtis of Berkadia represented the seller in this transaction. CBRE helped secure debt financing for the buyer, led by Maxi Leachman and Scott Peterson. Tower 16 will oversee asset management and construction management and bring in Cushman & Wakefield as a third-party property manager. The deal marks Tower’s 10th acquisition in the Phoenix market and its 13th acquisition in Arizona.
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