Category: Mountain region

Tower 16 Capital Partners acquires Lilly Garden Apartments, its first multifamily project in Phoenix, for $11.7 million



San Diego-based Tower 16 Capital Partners, in partnership with HG Capital, has acquired Lilly Garden Apartments, a 180-unit multifamily project in Phoenix. The property was acquired on an off-market basis from a private seller for $11,700,000, or $65,000 per unit.

“Lilly Garden Apartments fits very well with our investment strategy of purchasing assets with significant operational upside below replacement cost,” said Tower 16 Principal Mike Farley.

This is the firm’s first purchase in the Phoenix market, with its second property in escrow and scheduled to close early next year. Tower 16 has plans to acquire over 2,000 units in the Phoenix MSA over the next 18 months.

“We are excited about the Lilly Garden purchase as part of a broader acquisition strategy in the Phoenix market given the strong demand drivers and limited new supply of workforce housing,” said Tower 16 Principal Tyler Pruett.

Lilly Garden Apartments is located at 4903 W. Thomas Road, within a few miles of five Amazon distribution centers and seven miles from downtown Phoenix. The community consists mostly of studios and one-bedroom apartments with covered parking, three swimming pools, a playground and a leasing office.

Tower 16 will be overseeing $2.7 million in renovations to the project including new outdoor amenities, an upgraded leasing office and interior renovations.

Real estate brokers Dan Cheyne, Ric Holway and Mark Forrester of Berkadia represented both the buyer and seller in the transaction.



Thayer Manca Residential acquires third multifamily property in New Mexico

Mirabella Heights
Thayer Manca Residential purchased Mirabella Heights, their newest multifamily property in the Albuquerque, New Mexico market.


Thayer Manca Residential (TMR) has purchased Mirabella Heights, their newest multifamily property in the Albuquerque, New Mexico market. The acquisition of the 280-unit property, combined with renovation costs, creates over a $100 million investment into the Albuquerque multifamily market in the last two years.

With $4,700,000 in renovation budget, the repositioning plan includes a reinvented clubhouse, modernized 24-hour fitness center, upgraded pool area, a new pet park, addition of package lockers, interior unit renovations, property rebranding and additional capital upgrades.

Mirabella is located on a 13+ acre site in the Sandia Heights district of Albuquerque, across the street from the entrance of Sandia National Laboratories and two blocks from Sandia Science & Technology Park. The property’s unique location also makes it the only post 2000-built garden style apartment community in the surrounding market.

“This is our third transaction in Albuquerque in the last 16 months” says Bruce Thayer, TMR Principal. “The historical stability of this market, in concert with its more recent economic growth, furthers our confidence in our acquisitions strategy in New Mexico.”

In 2018, TMR also purchased the 263-unit Circ Apartments (previously Ventana Canyon) & the 200-unit Ottavo Apartments (previously Presidio).

Mirabella Heights is located at 701 Stephen Moody St SE, Albuquerque, NM, 87123.

$75.5 million Greater Phoenix apartment complex sold by International Property Advisors

Liv Goodyear
Institutional Property Advisors announced the sale of Liv Goodyear, a 326-unit multifamily asset in Goodyear, Arizona.


Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of Liv Goodyear, a 326-unit multifamily asset in Goodyear, Arizona. The property sold for $75.5 million, or $231,595 per unit.

“Liv Goodyear is surrounded by the economic and infrastructure developments of Greater Phoenix’s next professional powerhouse, the Southwest Valley,” said Steve Gebing, IPA senior director. “The continuous success of the Phoenix region is driving focus from the tenured employment corridors of the Southeast Valley to the lucrative, long-term business opportunities of the Southwest Valley.” Gebing and IPA senior managing director Cliff David represented the seller and procured the buyer, a Canadian private investor.

Residents of Liv Goodyear have immediate access to Interstate 10, Loop 303—Bob Stump Memorial Highway, Loop 101—the Agua Fria Freeway, and the ongoing Loop 202 South Mountain expansion. Civic Square at Estrella Falls, an approximately 48-acre, $83 million project to build a city hall, library, and Class A office space is less than a mile away. Litchfield Park City Center, a community-oriented, 768,000-square-foot, mixed-use development is 3.2 miles from the property and the Market at Estrella Falls shopping center is close by.

Completed in 2019 on more than 16 acres, apartments at Liv Goodyear have nine-foot ceilings and the average unit size is 879 square feet. Community amenities include a resort-style saltwater pool and spa with abundant seating, outdoor barbecues and gaming areas.



Thayer Manca Residential acquires third multifamily property in New Mexico

Mirabella Heights
Thayer Manca Residential purchased Mirabella Heights, their newest multifamily property in the Albuquerque, New Mexico market.


Thayer Manca Residential (TMR) has purchased Mirabella Heights, their newest multifamily property in the Albuquerque, New Mexico market. The acquisition of the 280-unit property, combined with renovation costs, creates over a $100 million investment into the Albuquerque multifamily market in the last two years.

With $4,700,000 in renovation budget, the repositioning plan includes a reinvented clubhouse, modernized 24-hour fitness center, upgraded pool area, a new pet park, addition of package lockers, interior unit renovations, property rebranding and additional capital upgrades.

Mirabella is located on a 13+ acre site in the Sandia Heights district of Albuquerque, across the street from the entrance of Sandia National Laboratories and two blocks from Sandia Science & Technology Park. The property’s unique location also makes it the only post 2000-built garden style apartment community in the surrounding market.

“This is our third transaction in Albuquerque in the last 16 months” says Bruce Thayer, TMR Principal. “The historical stability of this market, in concert with its more recent economic growth, furthers our confidence in our acquisitions strategy in New Mexico.”

In 2018, TMR also purchased the 263-unit Circ Apartments (previously Ventana Canyon) & the 200-unit Ottavo Apartments (previously Presidio).

Mirabella Heights is located at 701 Stephen Moody St SE, Albuquerque, NM, 87123.



Tower 16 Capital Partners acquires Lilly Garden Apartments, its first multifamily project in Phoenix, for $11.7 million



San Diego-based Tower 16 Capital Partners, in partnership with HG Capital, has acquired Lilly Garden Apartments, a 180-unit multifamily project in Phoenix. The property was acquired on an off-market basis from a private seller for $11,700,000, or $65,000 per unit.

“Lilly Garden Apartments fits very well with our investment strategy of purchasing assets with significant operational upside below replacement cost,” said Tower 16 Principal Mike Farley.

This is the firm’s first purchase in the Phoenix market, with its second property in escrow and scheduled to close early next year. Tower 16 has plans to acquire over 2,000 units in the Phoenix MSA over the next 18 months.

“We are excited about the Lilly Garden purchase as part of a broader acquisition strategy in the Phoenix market given the strong demand drivers and limited new supply of workforce housing,” said Tower 16 Principal Tyler Pruett.

Lilly Garden Apartments is located at 4903 W. Thomas Road, within a few miles of five Amazon distribution centers and seven miles from downtown Phoenix. The community consists mostly of studios and one-bedroom apartments with covered parking, three swimming pools, a playground and a leasing office.

Tower 16 will be overseeing $2.7 million in renovations to the project including new outdoor amenities, an upgraded leasing office and interior renovations.

Real estate brokers Dan Cheyne, Ric Holway and Mark Forrester of Berkadia represented both the buyer and seller in the transaction.



Tower 16 Capital Partners acquires Lilly Garden Apartments, its first multifamily project in Phoenix, for $11.7 million

San Diego-based Tower 16 Capital Partners, in partnership with HG Capital, has acquired Lilly Garden Apartments, a 180-unit multifamily project in Phoenix. The property was acquired on an off-market basis from a private seller for $11,700,000, or $65,000 per unit.

“Lilly Garden Apartments fits very well with our investment strategy of purchasing assets with significant operational upside below replacement cost,” said Tower 16 Principal Mike Farley.

This is the firm’s first purchase in the Phoenix market, with its second property in escrow and scheduled to close early next year. Tower 16 has plans to acquire over 2,000 units in the Phoenix MSA over the next 18 months.

“We are excited about the Lilly Garden purchase as part of a broader acquisition strategy in the Phoenix market given the strong demand drivers and limited new supply of workforce housing,” said Tower 16 Principal Tyler Pruett.

Lilly Garden Apartments is located at 4903 W. Thomas Road, within a few miles of five Amazon distribution centers and seven miles from downtown Phoenix. The community consists mostly of studios and one-bedroom apartments with covered parking, three swimming pools, a playground and a leasing office.

Tower 16 will be overseeing $2.7 million in renovations to the project including new outdoor amenities, an upgraded leasing office and interior renovations.

Real estate brokers Dan Cheyne, Ric Holway and Mark Forrester of Berkadia represented both the buyer and seller in the transaction.

Tower 16 Capital Partners acquires Lilly Garden Apartments, its first multifamily project in Phoenix, for $11.7 million

San Diego-based Tower 16 Capital Partners, in partnership with HG Capital, has acquired Lilly Garden Apartments, a 180-unit multifamily project in Phoenix. The property was acquired on an off-market basis from a private seller for $11,700,000, or $65,000 per unit.

“Lilly Garden Apartments fits very well with our investment strategy of purchasing assets with significant operational upside below replacement cost,” said Tower 16 Principal Mike Farley.

This is the firm’s first purchase in the Phoenix market, with its second property in escrow and scheduled to close early next year. Tower 16 has plans to acquire over 2,000 units in the Phoenix MSA over the next 18 months.

“We are excited about the Lilly Garden purchase as part of a broader acquisition strategy in the Phoenix market given the strong demand drivers and limited new supply of workforce housing,” said Tower 16 Principal Tyler Pruett.

Lilly Garden Apartments is located at 4903 W. Thomas Road, within a few miles of five Amazon distribution centers and seven miles from downtown Phoenix. The community consists mostly of studios and one-bedroom apartments with covered parking, three swimming pools, a playground and a leasing office.

Tower 16 will be overseeing $2.7 million in renovations to the project including new outdoor amenities, an upgraded leasing office and interior renovations.

Real estate brokers Dan Cheyne, Ric Holway and Mark Forrester of Berkadia represented both the buyer and seller in the transaction.

$75.5 million Greater Phoenix apartment complex sold by International Property Advisors

Liv Goodyear
Institutional Property Advisors announced the sale of Liv Goodyear, a 326-unit multifamily asset in Goodyear, Arizona.


Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced today the sale of Liv Goodyear, a 326-unit multifamily asset in Goodyear, Arizona. The property sold for $75.5 million, or $231,595 per unit.

“Liv Goodyear is surrounded by the economic and infrastructure developments of Greater Phoenix’s next professional powerhouse, the Southwest Valley,” said Steve Gebing, IPA senior director. “The continuous success of the Phoenix region is driving focus from the tenured employment corridors of the Southeast Valley to the lucrative, long-term business opportunities of the Southwest Valley.” Gebing and IPA senior managing director Cliff David represented the seller and procured the buyer, a Canadian private investor.

Residents of Liv Goodyear have immediate access to Interstate 10, Loop 303—Bob Stump Memorial Highway, Loop 101—the Agua Fria Freeway, and the ongoing Loop 202 South Mountain expansion. Civic Square at Estrella Falls, an approximately 48-acre, $83 million project to build a city hall, library, and Class A office space is less than a mile away. Litchfield Park City Center, a community-oriented, 768,000-square-foot, mixed-use development is 3.2 miles from the property and the Market at Estrella Falls shopping center is close by.

Completed in 2019 on more than 16 acres, apartments at Liv Goodyear have nine-foot ceilings and the average unit size is 879 square feet. Community amenities include a resort-style saltwater pool and spa with abundant seating, outdoor barbecues and gaming areas.



Thayer Manca Residential acquires third multifamily property in New Mexico

Mirabella Heights
Thayer Manca Residential purchased Mirabella Heights, their newest multifamily property in the Albuquerque, New Mexico market.

Thayer Manca Residential (TMR) has purchased Mirabella Heights, their newest multifamily property in the Albuquerque, New Mexico market. The acquisition of the 280-unit property, combined with renovation costs, creates over a $100 million investment into the Albuquerque multifamily market in the last two years.

With $4,700,000 in renovation budget, the repositioning plan includes a reinvented clubhouse, modernized 24-hour fitness center, upgraded pool area, a new pet park, addition of package lockers, interior unit renovations, property rebranding and additional capital upgrades.

Mirabella is located on a 13+ acre site in the Sandia Heights district of Albuquerque, across the street from the entrance of Sandia National Laboratories and two blocks from Sandia Science & Technology Park. The property’s unique location also makes it the only post 2000-built garden style apartment community in the surrounding market.

“This is our third transaction in Albuquerque in the last 16 months” says Bruce Thayer, TMR Principal. “The historical stability of this market, in concert with its more recent economic growth, furthers our confidence in our acquisitions strategy in New Mexico.”

In 2018, TMR also purchased the 263-unit Circ Apartments (previously Ventana Canyon) & the 200-unit Ottavo Apartments (previously Presidio).

Mirabella Heights is located at 701 Stephen Moody St SE, Albuquerque, NM, 87123.

Thayer Manca Residential acquires third multifamily property in New Mexico

Mirabella Heights
Thayer Manca Residential purchased Mirabella Heights, their newest multifamily property in the Albuquerque, New Mexico market.

Thayer Manca Residential (TMR) has purchased Mirabella Heights, their newest multifamily property in the Albuquerque, New Mexico market. The acquisition of the 280-unit property, combined with renovation costs, creates over a $100 million investment into the Albuquerque multifamily market in the last two years.

With $4,700,000 in renovation budget, the repositioning plan includes a reinvented clubhouse, modernized 24-hour fitness center, upgraded pool area, a new pet park, addition of package lockers, interior unit renovations, property rebranding and additional capital upgrades.

Mirabella is located on a 13+ acre site in the Sandia Heights district of Albuquerque, across the street from the entrance of Sandia National Laboratories and two blocks from Sandia Science & Technology Park. The property’s unique location also makes it the only post 2000-built garden style apartment community in the surrounding market.

“This is our third transaction in Albuquerque in the last 16 months” says Bruce Thayer, TMR Principal. “The historical stability of this market, in concert with its more recent economic growth, furthers our confidence in our acquisitions strategy in New Mexico.”

In 2018, TMR also purchased the 263-unit Circ Apartments (previously Ventana Canyon) & the 200-unit Ottavo Apartments (previously Presidio).

Mirabella Heights is located at 701 Stephen Moody St SE, Albuquerque, NM, 87123.