Tower 16 Capital Partners has acquired Park 67 Apartments, a 160-unit multifamily property located in Glendale, Ariz., for $30.4 million. The Park 67 Apartments project was built in 1973 and was acquired from a private seller.
“This acquisition marks our seventh property acquired in the Phoenix market and increases our foothold in the Phoenix area to nearly 1,200 units,” said Mike Farley, Tower 16 co-founder. “We remain bullish on the Phoenix region given the continued in-migration and strong employment growth coming out of the pandemic and are actively looking to expand our presence there.”
Since its founding in 2017, Tower 16 has entered several other markets throughout the West, having acquired nearly 5,700 units in California, Denver, Las Vegas, Phoenix and Tucson. The company seeks markets with increasing demand for workforce housing driven by job growth and in-migration but with relatively low levels of new supply. According to company executives, Tower 1
