TUCSON, AZ – Tower 16 Capital Partners, based in San Diego, has partnered with Drake Real Estate Partners to acquire La Mirada Apartments, an apartment building with 201 residential units in Tucson, Arizona. Market transaction.
"We are pleased to announce our second acquisition in the Tucson market," said Mike Farley, Co-Founder of Tower 16. "We believe that the demand for apartment buildings in Tucson will continue to grow in the years to come, and we look forward to it To be part of this growth story. "
Since its inception in 2017, Tower 16 has taken similar moves in markets across the west, acquiring nearly 4,000 units in California, Las Vegas, Phoenix, Tucson, and Denver. The company looks for markets of increasing demand for housing for workers, driven by job growth and immigration, but with relatively little new supply. According to company executives, Tower 16 intends to build a portfolio of over 1,000 units in the Tucson market over the next several years.
The La Mirada Apartments are located at 4415 East Grant Road in Tucson, Arizona. The property is minutes from I-10 and only ten minutes from downtown Tucson and the University of Arizona campus. The community consists of large two and three bedroom apartments, a clubhouse and two swimming pools. Tower 16 will oversee upgrades and renovations worth over $ 4 million for the property, including modernized unit upgrades, a new clubhouse, gym and updated pool areas. The company will also add outdoor amenities, including barbecues, seating, and outdoor play areas.
"We are planning numerous property upgrades that will vastly improve the La Mirada rental experience," said Tyler Pruett, co-founder of Tower 16. "It gives us great satisfaction to watch the property redesign and the surrounding neighborhood through our efforts. We look forward to starting our work as soon as possible. "
Tower 16 had partnered with Drake Real Estate Partners to acquire La Mirada, the second company in a programmatic relationship between the two companies.
Source: Tower 16 Capital Partners