Tower 16 Sells Phoenix Property After 30 Month Hold
The California real estate investment firm bought the Loramont on Thomas Apartments in 2019 for $11.7 million. It sold the project for $32.1 million. In the meantime, the group spent $2.5 million on renovations. Tower 16’s Mike Farley explains, “We made significant improvements to the Loramont on Thomas project during our ownership. That allowed us to achieve our business plan very quickly.”
The 180-unit apartment community, built in 1977 consists of 14 buildings situated on just over four acres. The floor plans are limited to just studio and one-bedroom units.
The apartments are in the Maryvale section of Phoenix, about eight miles west of town. The new buyer is planning to further improve the property during its ownership.
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.