Tower 16 Sells Phoenix Community For $30M

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The buyer will continue capital improvements at the 214-unit asset, following nearly $2 million invested under the previous owner. : 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.

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