Tower 16 Capital Partners based in Encinitas has sold a Phoenix apartment complex for $30 million.
The buyer is Tides Equities.
The property, IVilla Garden Apartments, was acquired by Tower 16 in February 2020 for $15.1 million.
“We made significant improvements to the IVilla Garden project during our ownership,” said Tower 16 Co-Founder Tyler Pruett.
Tower 16 spent more than $1.9 million in renovations and upgrades to the property
Built in 1981, IVilla Garden Apartments is a 214-apartment complex with 11 buildings on a 2.4-acre site at 2634 N. 51st Ave.
Jesse Hudson, Bill Hahn, and Trevor Koskovich of Northmarq Phoenix advised Tower 16 on the sale.