Rincon Partners, LLC (“Rincon”) is pleased to announce the sale of Clarendon Park Apartments (the “Property”) on December 6, 2018 for $23.9 million. Rincon acquired the 138-unit, class B+, property located in Phoenix, AZ on March 14, 2017 for $17.5 million.
Rincon completed a full renovation and repositioning of the Property, including renovation of the unit interiors, clubhouse, fitness center and other community areas. The Property is located in the midtown submarket and has easy access to the numerous jobs in the midtown and downtown employment corridors.
Rincon is headquartered in Phoenix, AZ with an office in Atlanta, GA 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 or Carson Hammer, Director of Acquisitions, in our Atlanta, GA office at (480) 378-3070.