Tower 16 Capital Partners based in Encinitas has acquired two Arizona apartment complexes for $55 million.
Summerhill Place Apartments in Glendale at 6801 W. Ocotillo Road has 232 apartments and the Villas at Motebella Apartments in Peoria at 10860 N. 85th Ave.
has 100 apartments.
Summerhill Place Apartments was built in 1986 and the Villas at Montebella Apartments was built in 1974.
“This acquisition marks our third and fourth properties acquired in the Phoenix market,” said Mike Farley, co-founder of Tower 16 Capital Partners. “We believe the demand drivers for multifamily housing in Phoenix will continue to grow in the coming years, and we are excited to be providing a naturally affordable product to meet that demand.”