PHOENIX, ARIZONA (Aug. 22, 2018) – The 200-unit Casa Tierra Apartments, located at 3815 North 16th Street, in Phoenix, Arizona sold this week for $16,050,000.
Rincon Partners, LLC, a private real estate investment firm based in Scottsdale, Arizona was the buyer. Rincon Partners currently own eight other multifamily assets in Phoenix and Tucson.
Bill Hahn, Trevor Koskovich, and Jesse Hudson of NorthMarq Multifamily in Phoenix represented the seller and the buyer in this transaction.
“Casa Tierra was an excellent example of purchasing an asset in a gentrifying location with exceptional value-add opportunity,” says Hahn. “The buyers plan on renovating the entire property, adding amenities, and upgrading interiors to drive rents.”
3816 N. 16th Street Inc., an entity formed by J.K. Residential Services, Inc. of Los Angeles, California was the seller.
Casa Tierra, built in 1983, comprises 200-units situated on 5.73 acres. The community includes 14 percent studio units, 69 percent one-bedroom units, and 17 percent two-bedroom units and is located on the east side 16th Street just south of Indian School Road. Centrally-located in the Uptown section of Phoenix, Casa Tierra is close to many major employment centers, high-end retail, popular restaurants, and many new multifamily developments. The property is minutes from downtown Phoenix, the Biltmore, Camelback Corridor and Arcadia Neighborhood. New multifamily developments in the immediate vicinity of Casa Tierra include Audere, Escape, Park 28, Level at 16th, and Crescent Highland.