Rincon Partners, LLC (“Rincon”) is pleased to announce the sale of Crossroads Apartments (the “Property”) on January 2, 2019 for $33.5 million. Rincon acquired the 316-unit, class B, multifamily property located in Phoenix, AZ on August 30, 2016 for $25.2 million.
Rincon completed certain community amenity upgrades and upgraded the kitchen appliances in all units. The Property is located in the Deer Valley submarket and has easy access to the numerous jobs in the Deer Valley and North Scottsdale 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.