Rincon Partners, LLC (“Rincon”) is pleased to announce the sale of Madison Grove on May 13, 2022, for $51.3 million. Rincon acquired the 171-unit property located in Phoenix, AZ in January 2018 for $21.5 million.
Madison Grove is a fully renovated, boutique apartment community located in the highly desirable 7th Street Corridor area, which is home to great restaurants, shopping, and entertainment and is within minutes to the Biltmore/Camelback employment corridor and downtown Phoenix.
The property was fully renovated in 2015-2017 with a new clubhouse, a newly constructed pool with outdoor barbeque and fire-pit areas, new fitness centerand completely renovated unit interiors with stainless steel appliances, fauxwood flooring, and modern fixtures.
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