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Phoenix & Southwest  + Phoenix  + Apartments  | 
232-unit Obsidian on Ocotillo sold by Tower 16 for $56.4 million

Tower 16 Unloads Phoenix Apartment Complex After Brief Hold

Tower 16 Capital Partners has sold Obsidian on Ocotillo Apartments, a 232-unit multifamily project, for $56.4 million. The property was purchased by Tower 16 in 2021 for $40 million in an off-market transaction. The new buyer is SB Real Estate Partners.

The company spent $2.7 million to upgrade nearly every aspect of the project. “We made significant improvements to Obsidian on Ocotillo during our ownership including an entire rebrand of the community. Obsidian proved to be a great project for not only Tower 16 but for our investors and most importantly our residents,” said Tower 16’s Mike Farley.

The Obsidian on Ocotillo, formerly known as Summerhill Place, is located at 6801 W. Ocotillo Road in Phoenix. Built in 1986 on. 8.56 acres, the property features two pools, barbecues, gated access and a dog park.

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Mike Farley

About Mike Boyd

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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