Tower 16 Capital Partners based in San Diego has acquired an Arizona apartment complex in partnership with Drake Real Estate based in New York.
The price of the 201-unit La Miranda Apartments in Tucson was not disclosed.
Tower 16 is planning to make $4 million of renovations to the property at 4415 East Grant Road that will include a new clubhouse, gym, and updated pool areas.
The company also will add outdoor amenities including barbeques, seating, and outdoor gaming areas.
The sale was brokered by Joe Boyle and Joseph Chaplik of Joseph Bernard Investment Real Estate.