Rincon Partners, LLC (“Rincon”) is pleased to announce the acquisition of Avenel on 16th f/k/a Casa Tierra Apartments (the “Property”) in Phoenix, AZ on August 21, 2018 for $16.0 million. The Property is a 200-unit, class C, garden-style, multi-family apartment community constructed in phases in 1981 and 1984. Rincon’s investment plan is to renovate and reposition the Property to a class B community to capitalize on the tremendous growth occurring in midtown Phoenix.
The Property is located along the 16th Street corridor in Midtown Phoenix, and area benefitting from significant gentrification and new developments. The Property’s central location is easily accessible to three significant job corridors, Camelback, midtown and downtown, a numerous restaurant and entertainment venues.
Rincon is headquartered in Phoenix, AZ and targets opportunistic and value add multi-family and self-storage commercial real estate in the Southwest and Southeast United States.
For further information on new acquisitions and joint venture opportunities, please contact Jason Ottman, Chief Investment Officer at (480) 378-3070.