Park 67 Apartments in Glendale sold for $ 30.4 million


Based in San Diego Tower 16 Capital Partners acquired Park 67 Apartments, a 160-unit multi-family building in Glendale, Arizona, for $ 30.4 million. The Park 67 Apartments project was built in 1973 and was acquired from a private seller.

“This acquisition marks our seventh acquired property in the Phoenix market and brings our presence in the Phoenix area to nearly 1,200 units,” said Tower 16 co-founder Mike Farley. “We remain optimistic for the Phoenix area given continued immigration and strong job growth resulting from the pandemic and we are actively looking to expand our presence there. “

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Since its founding in 2017, Tower 16 has entered several other markets across the West, acquiring nearly 5,700 units in California, Las Vegas, Phoenix, Tucson and Denver. The company is looking for markets with growing demand for workforce housing driven by job growth and immigration, but with relatively low levels of new supply. According to company executives, Tower 16 is on track with its goal of acquiring 2,000 units in the Phoenix market over the next two years.

Park 67 Apartments is located at 6112 N. 67e Avenue in Glendale, Arizona. The property includes a rental desk, fitness center, playground and swimming pool. The property is located just minutes from US Route 60 with easy access to northern Phoenix and the West Valley, home to one of the nation’s fastest growing e-commerce and distribution markets.

Tower 16 will oversee nearly $ 4.5 million in property upgrades and renovations, including upgrades to modernized units, outdoor common areas, and landscaping improvements. The company will also add outdoor amenities, including a renovated swimming pool, barbecues, seating and outdoor play areas.

“The property offers significant renovation opportunities and we look forward to physically transforming the project to improve the resident experience for our tenants,” said Tyler Pruett, co-founder of Tower 16.

The buyer and seller were represented by Jesse Hudson, Trevor Koskovich and Bill Hahn from the Northmarq office in Phoenix. NorthMarq helped secure debt financing for the buyer, led by Bryan Mummaw and Bryan Liu.


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