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Phoenix & Southwest  + Phoenix  + Apartments  | 
IVilla Garden

Tides Equities Plans Further Upgrades to IVilla Apartments

Tower 16 Capital Partners recently sold IVilla Garden Apartments, a 214-unit multifamily project in Phoenix, for $30 million. The property was previously purchased by Tower 16 in February 2020 for $15.1 million in an off-market transaction.

Tower 16 spent more than $1.9 million in renovations and upgrades to the property during its ownership. The new buyer is Tides Equities, which is planning to further renovate and improve the property going forward.

“We made significant improvements to the IVilla Garden project during our ownership,” said Tyler Pruett, Tower 16 co-founder. “That allowed us to achieve our business plan very quickly. Despite this sale, we plan on re-investing in multifamily properties throughout the Phoenix market over the next several years as we continue to see a positive supply/demand relationship in the region.”

The development was built in 1981 and consists of 11 buildings on 2.4 acres. The apartment community is located at 2634 N. 51st Ave. in the Westside submarket of Maricopa County, less than eight miles from downtown Phoenix.

Real estate brokers Jesse Hudson, Bill Hahn and Trevor Koskovich of Northmarq Phoenix advised Tower 16 on the sale.

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Tyler Pruett

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

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