Tower 16 Sells Phoenix Community for $30M
July 5, 2021
Tides Equities has paid $30 million for IVilla Garden Apartments, a 214-unit community in Phoenix. NorthMarq represented the seller, Tower 16 Capital Partners.
Tower 16 acquired the property in February 2020 in an off-market deal for $15.1 million. Following that purchase, the company invested more than $1.9 million into capital improvements. The new owner intends to continue upgrades at the community, rebranding it as Tides on 51st Ave.
Completed in 1981, the three-story community is located on 2.4 acres at 2634 N. 51st Ave. in Phoenix’s Westside submarket. The property’s 11 buildings include studio and one-bedroom floorplans. Amenities include two pools, a tennis court, a volleyball court, barbecues, a playground and a dog park. Tides on 51st Ave., a short distance from interstates 10 and 17, is less than 8 miles from downtown Phoenix.
The NorthMarq team included Executive Vice President Bill Hahn, Senior Vice President Jesse Hudson and President Trevor Koskovich.
In June, Tides Equities worked with Newmark in the disposition of a 240-unit Phoenix asset less than 15 miles north. The property sold for more than $40 million.