Tower 16 Capital Partners has acquired two properties across two separate transactions totaling 508 units in Phoenix, for a total of $78.5 million.
Banyantree Apartments, a 232-unit multifamily property located in Phoenix, was acquired for $36.5 million. Banyantree was built in 1973 and has been owned and operated by a private family for nearly 30 years. Solano Pointe Apartments, a 276-unit multifamily property located in Glendale, Ariz., was acquired for $42 million. Solano Pointe was built in 1983 and was secured on an off-market basis.
“These acquisitions represent our fifth and sixth properties acquired in Phoenix and bring our current portfolio in the Phoenix market to over 1,000 units,” said Mike Farley, Tower 16 co-founder. “We remain bullish on the Phoenix market given the continued in-migration and strong employment growth coming out of the pandemic and are actively looking to expand our presence in the market.”
