Commercial Real Estate Investment Firm Has Acquired Their Third Property in Tucson Since Late 2020

TUCSON, ARIZONA  — Tower 16 Capital Partners (“Tower 16”) has acquired Nottinghill Apartments, a 322-unit multifamily property in Tucson, AZ in an off-market transaction for $35.5 million.

Tower 16 was founded in 2017 by principals Mike Farley and Tyler Pruett who have over 45 years of combined institutional real estate experience with an emphasis on value-add investing.

Nottinghill is Tower 16’s third investment in Tucson since entering the market in late 2020.  The San Diego-based multifamily investment firm has identified Tucson as one of its primary target markets and with the acquisition of Nottinghill, Tower 16 is now halfway to its goal of building a local portfolio of 1,500 units by the end of 2023.

Nottinghill Apartments is located at 2660 N Alvernon Way in Tucson. The property includes a leasing office, clubhouse, and four pools. The property is located at the intersection of E. Flower Street and N. Alvernon Way near the Tucson Medical Center and within minutes of the I-10 freeway, Downtown Tucson and the University of Arizona campus.

Tower 16 will be overseeing more than $8 million in upgrades and renovations at the property including modernized unit upgrades, exterior and common area improvements and landscaping enhancements. In addition to updating the pool area, Tower 16 also will be adding outdoor amenities including, barbeques, seating and gaming areas.

“The property was owned and self-managed by the seller for nearly 20 years and is almost entirely in classic condition, leaving us with significant opportunity for renovations,” said Tower 16 Co-Founder Tyler Pruett.  “We believe we can significantly improve the quality of the residential experience at Nottinghill and continue to play a role in the transformation of the Oak Flower neighborhood, which began with our acquisition of La Mirada apartments.”

Since its founding in 2017, Tower 16 has made similar moves in markets throughout the West, having acquired over 6,500 units in California, Las Vegas, Phoenix, Albuquerque and Denver. The company seeks markets with increasing demand for workforce housing driven by job growth and in-migration but with relatively low levels of new supply.

Tower 16 was represented by Brett Polachek and Chris Canter of Newmark Knight Frank’s Phoenix office. Way Capital helped secure debt financing for Tower 16, led by Malcolm Davies, Zack Streit, Drew Sandler, and Alex Rossinsky.

Since 2017, the Company has acquired over 6,500 units representing $1 billion of assets under management.

BUCKEYE, ARIZONA — The 145-acre project, titled Buckeye I-10 Logistics, is the largest industrial complex under development along Buckeye’s I-10 frontage Freeway, just west of Verrado Way. The industrial park will be constructed with over 2.2 million square feet of industrial space. The 641,000-square-foot phase I building has already broken ground with completion expected before the end of 2022. Beginning in 3rd quarter of this year BET Investments will build its phase II building consisting of approximately 1,150,000-square-feet in size which will be located adjacent to the I-10 freeway. Phase III will be 450,000 square feet and located adjacent to Van Buren.

“Beginning construction with the largest industrial campus in Buckeye’s history is a statement of confidence in Buckeye’s future,” said Buckeye Mayor Eric Orsborn. “As the fastest growing U.S. city in the nation, Buckeye is at the forefront of meeting the infrastructure and transportation needs of its residents.”

“That’s why BET Investments has invested heavily in Buckeye for the last 15 years” said Scott Moore, Executive Vice President of the Arizona division at BET Investments. “Our industrial complex will support Buckeye and the west valley’s expansion by providing new jobs at a location that is important to the North American supply chain. Product can be transported to consumers in Southern California, Nevada, New Mexico, Denver and Utah all within a day’s drive”.

“Buckeye I-10 Logistics will deliver three Class A logistics buildings to one of the best locations in the Southwest Valley submarket,” said Cushman and Wakefield Vice Chairman Andy Markham, who along with Vice Chairman Mike Haenel represent Buckeye I-10 Logistics and will serve as the project’s leasing brokers.

Markham continued, “With record setting net absorption in 2021 of approximately 27 million square feet, nearly doubling the amount recoded in 2020, the Phoenix industrial sector continues to remain extremely robust. These buildings cater to what current tenants are demanding.”

The project architect for Buckeye I-10 Logistics is Butler Design Group and the general contractor is Layton Construction. Engineering services are provided by Hilgart Wilson Engineering and BET Investments will serve as the project’s property manager.

BET Investments owns, manages, develops and leases warehouses, apartments and shopping centers throughout the United States. The company’s portfolio includes more than 8 million-square-feet of commercial space and 4,000 apartments. For more information email Scott Moore at [email protected] or call him at (480) 682-8425

PHOENIX, ARIZONA – The success of NAI Horizon’s 2021 Top Producers is a direct result of the overall strength of the Phoenix market last year compared to other U.S. markets and its agents benefitting from referrals from other NAI offices across the country.

“The market expertise of our brokerage professionals is reflected in this impressive list of 2021 Top Producers,” said NAI Horizon CEO/Designated Broker Terry Martin-Denning. “Between a robust commercial real estate market in Arizona and the collaboration with other NAI offices around the country, it was a great year for the Phoenix office.”

Executive Managing Director Denise Nunez continued her mastery of local and national self-storage investment sales in 2021 and finished atop NAI Horizon’s Top 10 Producer list for the second time in three years.

Nunez, who joined NAI Horizon in 2015, was also named among the top 125 NAI Global agents of 2021, finishing No. 77. Nunez, who leads the Nunez Self Storage Group, closed more than $140 million in self-storage deals in 2021. She was NAI Horizon’s Top Producer in 2019.

Executive Managing Director Isy Sonabend, an industrial expert, finished second among NAI Horizon’s Top 10 Producers. Sonabend also was among the top 125 NAI Global brokers, coming in at No. 111.

NAI Horizon’s broker ownership platform allows agents to benefit from both personal achievement and the success of the company while encouraging a collaborative culture. This platform prioritizes broker needs while offering global reach and resources.

The list of 2021 Top Producers reflects the success of the broker ownership platform and the overall positive trends in the Phoenix commercial real estate market with a range of specialties represented: investment sales, industrial, office, self-storage, land, and retail properties.

NAI Horizon’s 2021 Top Producers:

1.  Denise Nunez, Investment Sales – Self Storage
2.  Isy Sonabend, Industrial
3. Mark Wilcke, Industrial/Land
4. Matt Harper, CCIM, Retail
5. Laurel Lewis, Office
6. Jeff Adams, Industrial/Land
7. Lane Neville, Investment Sales/Land
8. Michael Myrick, CCIM, Office
9. Chris Gerow, Retail
10. Shelby Tworek, Retail