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Tower 16 Actively Expanding, Remains Bullish on Phoenix
San Diego-based Tower 16 Capital Partners recently acquired two properties across two separate transactions totaling 508 units in Phoenix. The total consideration was $78.5 million.
Banyantree Apartments, a 232-unit multifamily property, was acquired for $36.5 million. Banyantree was built in 1973, and has been owned and operated by a private family for nearly 30 years. Solano Pointe Apartments, a 276-unit multifamily property located in Glendale, was secured on an off-market basis for $42 million. The property was built in 1983.
“These acquisitions represent our fifth and sixth properties acquired in Phoenix, and bring our current portfolio in the Phoenix market to over 1,000 units,” said Mike Farley, Tower 16 co-founder. “We remain bullish on the Phoenix market, given the continued in-migration and strong employment growth coming out of the pandemic and are actively looking to expand our presence in the market.”
