Tower 16 Trades Two Tucson Apartments for $65 Million

San Diego-based Tower 16 Capital Partners, has sold a pair of multifamily assets in Tucson, Arizona, for $65 million to an undisclosed buyer. The 459-unit two-pack was assembled by Tower 16 over the last 24 months. The properties consist of Sierra Vista and La Mirada Apartments. Tower 16 purchased the properties for $36 million and spent $4.9 million on improvements during the approximate two years they owned the properties.

Tower 16’s Mike Farley knew he had a big job ahead of him, “Upon our acquisition, both assets needed significant physical and management improvement, which we quickly implemented at the two properties. The result was an execution that we are proud of, leaving both properties well positioned to take advantage of the strong economic dynamics of the Tucson market.” 

The properties were marketed earlier this year by Institutional Property Advisor’s Tucson team who represented Tower 16 in the sale. The IPA team was led by Art Wadlund, Clint Wadlund, and Hamid Panahi.