**Tower 16 Acquires South Mountain Build-to-Rent Community for $48M**
Tower 16 Capital Partners, in collaboration with Raith Capital Partners, has acquired Sanctuary at South Mountain, a 166-unit build-to-rent (BTR) community located near South Mountain in Phoenix. The property, constructed in 2023, was purchased for $48 million from CRP/Brown 40th and Southern Owner.
According to Tower 16, the acquisition price is below current replacement costs and previous market peak pricing. As part of the transition, the property will be rebranded as “Obsidian at South Mountain.”
The community features a mix of one-, two-, and three-bedroom units, averaging 1,104 square feet. Designed as a low-density site, the development consists of single-story and two-story cottage-style homes, each with private fenced-in yards. Residents can enjoy a wide array of resort-style amenities, including a swimming pool, state-of-the-art fitness center, pickleball court, walking trails, and a spacious clubhouse.
The transaction was brokered by Mark Forrester and Andrew Curtis of Berkadia, who represented the seller. CBRE secured debt financing for the acquisition, led by Maxi Leachman and Scott Peterson.
