Tower 16 Sells Apartment Complex
Tuesday, June 14, 2022
Loramont on Thomas Apartments Photo courtesy of Tower 16 Capital Partners
The buyer was Clear Capital.
Tower 16 paid $11.7 million for Loramont on Thomas Apartments in December 2019 and spent more than $2.5 million on renovations.
Built in 1977, the complex has 14 buildings on a 4.08-acre site.
Common area amenities include gated access, three pools, laundry facilities, a central park, barbeques, a playground, and a dog park.
The complex has 180 apartments.
“We made significant improvements to the Loramont on Thomas project during our ownership,” said Mike Farley, co-founder of Tower 16 Capital.
“That allowed us to achieve our business plan very quickly,” Farley said. “Despite this sale, we plan on re-investing in multifamily properties throughout the Phoenix market over the next several years as we continue to see a positive supply/demand relationship in the region.”