Rincon Partners, LLC (“Rincon”) is pleased to announce the sale of Avenel on 16th Apartments (the “Property”) on August 5, 2020 for $25.95 million. Rincon acquired the 200-unit, class B, property located in Phoenix, AZ on August 21, 2018 for $16.05 million.
Rincon completed an extensive renovation and repositioning of the Property, including new exterior paint, new roofs, a redesigned leasing office, pool resurfacing and decking expansion, and construction of a new BBQ, picnic and activity area. Rincon also completed a full interior renovation program, which included new cabinetry, countertops, black appliances, and other features. The Property is located in Central Phoenix at the intersection of 16th Street and Indian School Road with easy access to the 51 Freeway, downtown Phoenix and the Camelback Corridor, both of which are among the largest employment centers in the State of Arizona.
Rincon is headquartered in Phoenix, AZ with acquisition offices in Atlanta, GA and Dallas, TX 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, in our Phoenix, AZ office at (480) 378-2959.