Tower 16 Acquires South Mountain BTR Community
Tower 16 Capital Partners, in partnership with Raith Capital Partners, acquired Sanctuary at South Mountain, a 166-unit Build-to-Rent property near South Mountain in Phoenix. The property was built in 2023 and acquired for $48 million. The sellers were CRP/Brown 40th and Southern Owner.
Tower 16 says that the price is below today’s replacement cost and prior-peak pricing. Tower 16 and Raith will rebrand the property to “Obsidian at South Mountain.”
The property has a mix of one-, two-, and three-bedroom apartments averaging 1,104 square feet. It offers a variety of resort-style amenities, including a sparkling swimming pool, a state-of-the-art fitness center, a pickleball court, walking trails and a large clubhouse. The low-density site plan features single-story and two-story cottage-style units that each have their own private fenced-in yards.
Mark Forrester and Andrew Curtis of Berkadia represented the seller in this transaction. CBRE helped secure debt financing for the buyer, led by Maxi Leachman and Scott Peterson.
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Brokers
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
Lenders
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout