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San Diego
Wednesday, Nov 30, 2022
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Tower 16 Buys Arizona Apartments

Tower 16 Capital Partners based in San Diego in partnership with Drake Real Estate Partners of New York has acquired a Tuscon apartment complex for $18.1 million.

The seller was not disclosed.

Sierra Vista Apartments at 3535 N. First Avenue has 258 one-bedroom and two-bedroom apartments.

Tower 16 will oversee close to $4 million in upgrades and renovations to the property including a new clubhouse, gym, and updated pool areas. The company will also be adding outdoor amenities including barbeques, seating, and outdoor gaming areas.

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Jesse Hudson, William Hahn, and Trevor Kosovitch of Northmarq represented both the buyer and seller in the transaction. Brian Mummaw of Northmarq coordinated debt financing for the buyer.

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