Tower 16 Acquired Phoenix Apartment Complex

IVilla Garden Apartments
Photo courtesy of Tower 16

IVilla Garden Apartments
Photo courtesy of Tower 16

 

Tower 16 Capital Partners based in Encinitas has sold a Phoenix apartment complex for $30 million.

The buyer is Tides Equities.

The property, IVilla Garden Apartments, was acquired by Tower 16 in February 2020 for $15.1 million.

“We made significant improvements to the IVilla Garden project during our ownership,” said Tower 16 Co-Founder Tyler Pruett.

Tower 16 spent more than $1.9 million in renovations and upgrades to the property

Built in 1981, IVilla Garden Apartments is a 214-apartment complex with 11 buildings on a 2.4-acre site at 2634 N. 51st Ave.

Jesse Hudson, Bill Hahn, and Trevor Koskovich of Northmarq Phoenix advised Tower 16 on the sale.

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