Rincon Partners, LLC (“Rincon”) is pleased to announce the sale of Centerra Apartments (the “Property”) on October 4, 2019 for $36.25 million. Rincon acquired the 202-unit, class B, property located in Scottsdale, AZ on August 11, 2017 for $25.95 million.
Rincon completed a full renovation and repositioning of the Property, including new exterior paint, new roofs, a redesigned clubhouse and fitness center, a new BBQ area, and firepit. Rincon also completed a full interior renovation program, which included new cabinetry, granite countertops, stainless steel appliances, and other features. The Property is located in North Scottsdale at the intersection of Frank Lloyd Wright and Shea Boulevard with easy access to the 101 Freeway and the Scottsdale Airpark, one of 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.