Tower 16 Capital Partners, in partnership with Drake Real Estate Partners, has acquired La Mirada Apartments, a 201-unit multifamily project in Tucson, Ariz. The property was acquired from a private seller in an off-market transaction.
"We are excited to announce our second acquisition in the Tucson market," said Mike Farley, co-founder of Tower 16. "We believe that the demand drivers for multifamily housing in Tucson will continue to grow in the coming years, and we are excited to be part of that growth story."
La Mirada Apartments is located at 4415 E. Grant Road in Tucson. The property is close to Interstate 10 and only 10 minutes from Downtown Tucson and the University of Arizona campus. The community consists of large two- and three-bedroom apartments with a clubhouse and two swimming pools. Tower 16 will be overseeing more than $4 million in upgrades and renovations to the property, including modernized unit upgrades, a new clubhouse, gym and update
