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Sunday, Nov 27, 2022
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Tower 16 Buys Arizona Apartments

 Tower 16 Capital Partners based in Encinitas has acquired two Phoenix-area apartment complexes for a combined price of $78.5 million.

With 232 apartments, Banyantree Apartments, 12435 N 28th Drive, Phoenix was acquired for $36.5 million.

 Banyantree was built in 1973 and has been owned and operated by a private family for nearly 30 years.

Solano Pointe Apartments, 6565 W Bethany Home Road in Glendale, was acquired for $42 million. Built in 1983, Solano Pointe has 276 apartments.

Tower 16 plans to make $12 million in capital improvements to the two complexes.

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“These acquisitions represent our fifth and sixth properties acquired in Phoenix and bring our current portfolio in the Phoenix market to over 1,000 units,” said Mike Farley, co-founder of Tower16. “We remain bullish on the Phoenix market given the continued in-migration and strong employment growth coming out of the pandemic and are actively looking to expand our presence in the market.”

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