Rincon Partners Sells Phoenix Community for $34M
LoanCore Capital provided the buyer with nearly $30 million in acquisition financing. The new owner rebranded the asset and chose a new property manager.
Rincon Partners has sold Crossroads, a 316-unit Class B community in Phoenix, for $33.5 million, according to Yardi Matrix. The buyer, Tides Equities, funded the transaction with $29.9 million in acquisition financing. LoanCore Capital provided the loan, which matures in 2021.
Tides Equities has rebranded the asset as Tides at North Phoenix and selected Robinson Group to oversee property management. The new owner has been rapidly expanding its Phoenix holdings with the acquisition of more than 1,600 units in the metro during 2018, including the 187-unit Murano Apartment Homes.
Located at 2222 W. Beardsley Road in the city’s Union Hills submarket, Tides at North Phoenix’s 18 buildings are positioned adjacent to the intersection of Interstate 17 and the Agua Fria Freeway, 17 miles north of downtown. A bus route operates alongside the property, and the Deer Valley Towne Center, a 460,000-square-foot retail asset, is a short distance away.
The community contains studio, one-, two- and three-bedroom units, with floorplans ranging between 413 and 900 square feet. On-site amenities include two swimming pools, laundry facilities, a business center, valet trash service, complimentary Wi-Fi and a tennis court. As of November 2018, the asset was 93.4 percent occupied per data from Yardi Matrix.
Image courtesy of Yardi Matrix