Tower 16 Capital Partners based in San Diego has acquired an Arizona apartment complex in partnership with Drake Real Estate based in New York.
The price of the 201-unit La Miranda Apartments in Tucson was not disclosed.
Tower 16 is planning to make $4 million of renovations to the property at 4415 East Grant Road that will include a new clubhouse, gym, and updated pool areas.
The company also will add outdoor amenities including barbeques, seating, and outdoor gaming areas.
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The sale was brokered by Joe Boyle and Joseph Chaplik of Joseph Bernard Investment Real Estate.
