Tower 16 Capital Partners has recently expanded their portfolio by purchasing nine multifamily communities in the Phoenix market and 12 in other areas of Arizona. Their most recent addition is their first Build-to-Rent (BTR) property.
The company acquired Yardly McDowell, a BTR multifamily property with 167 units located in the West Valley of Phoenix, AZ. This property was built in 2023 and was purchased for $46.5 million, well below current replacement cost and previous peak pricing. It marks Tower 16’s ninth acquisition in the Phoenix market and twelfth overall acquisition in Arizona.
Yardly McDowell is conveniently situated near major highways I-10 Fwy and Loop 101 at the intersection of 91st Ave and McDowell Rd. The community offers single-story units with private fenced-in yards as well as amenities such as a swimming pool, fitness center, and spacious lawns for residents to enjoy.
The seller of this transaction was homebuilder Taylor Morrison represented by Jesse Hudson and Trevor Koskovich from Northmarq while Bryan Mummaw an
