Park 67 Increases Tower 16’s Phoenix Foothold, Totaling Seven Assets

San Diego-based Tower 16 Capital Partners recently acquired Park 67 Apartments, a 160-unit multifamily property in Glendale, AZ, for $30.4 million from a private seller. The Park 67 Apartments project was built in 1973 at 6112 N. 67th Ave.

“This acquisition marks our seventh property acquired in the Phoenix market and increases our foothold in the Phoenix area to nearly 1,200 units,” said Mike Farley, Tower 16 co-founder. “We remain bullish on the Phoenix region, given the continued in-migration and strong employment growth coming out of the pandemic, and are actively looking to expand our presence there.”

Tower 16 will be overseeing close to $4.5 million in upgrades and renovations at the property including unit upgrades, exterior common areas and landscaping enhancements.

“The property offers significant renovation opportunity, and we look forward to physically transforming the project to improve the resident experience for our tenants,” said Tyler Pruett, Tower 16 co-founder.

Buyer and seller were represented by Jesse Hudson, Trevor Koskovich and Bill Hahn of Northmarq’s Phoenix office. NorthMarq helped secure debt financing for the buyer, led by Bryan Mummaw and Bryan Liu.