Strategy: Multifamily Value Strategy - SOLD
Rincon 22 is a garden style, multifamily community, located in the trendy Biltmore-area of Phoenix, and is comprised of eleven (11) two-bedroom / one-bathroom residential rental units. Amenities include private patios, in-suite washer and dryer, covered parking and professional landscaping. The property is situated in a residential neighborhood, with easy access to the valley freeway system and numerous employers. Rincon 22 is located in close proximity to popular retail destinations such as; The Shops at Town & Country, Biltmore Fashion Park, the Camelback Corridor, and popular local restaurants including The Parlor, Grassroots Kitchen & Tap, Hopdoddy Burger Bar, and Pizzeria Bianco.
Rincon fully renovated all aspects of the apartment community with new roofs, HVAC units, landscaping, stainless steel appliances, adding in-suite washers and dryers, and upscale interior finishes in each unit. As a result of the renovations, Rincon was able to double rents at the property. Rincon sold the property in 2018.