Rincon Partners Secures Phoenix Multifamily Community
Rincon Partners paid $58.24 million, $260,000 a unit, for the 224-unit apartment complex in Phoenix. Institutional Property Advisors (IPA) represented the seller, Greenwater Investments, and found the buyer. Built in 1983, the project due some upgrades, “Villas Los Limones has benefitted from interior renovations…in approximately 40% of the units. These upgrades include smart technology door locks and thermostats and new plumbing fixtures,” said IPA’s Cliff David.
The property sits near the MetroCenter Mall redevelopment project. The $1 billion redevelopment will include new retail, restaurants, office and residential.
Villas Los Limones is a controlled access, 18 building property situated on nine acres. The average unit size is 678 square feet.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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