Rincon Partners, LLC (“Rincon”) is pleased to announce the acquisition of
The Sixty at Melrose Apartments (the “Property”) in Phoenix, AZ on August 6, 2021, for
$14.85 million. The Property, formerly known as Solterra on 5th, is a 60-unit, Class B, multi-family community
constructed as condominiums in 2006 and was assembled and converted to an
apartment community in 2020. The Property primarily consists of 2-bed / 2-bath
units with original cabinets, stainless steel appliances, and granite countertops.
Rincon’s business plan includes renovating the unit interiors with new modern
finishes including cabinets, quartz countertops, flooring, fixtures, and appliances,
as well as, updating the pool area and correcting certain deferred maintenance at
The Property is located in Midtown Phoenix, which is a significant employment
hub with an estimated 80,000 jobs within 2 miles of the Property. The Midtown
area has had a significant influx of restaurant, shopping, and other amenities, as
well as new apartment developments.
Rincon is headquartered in Phoenix, AZ and targets opportunistic and value add
multifamily and self-storage commercial real estate in the Southwestern and
Southeastern United States.
For further information on new acquisitions and joint venture opportunities,
please contact Brian McGlynn, Chief Investment Officer, in our Phoenix, AZ office
at (480) 378-2959.