Rincon Partners, LLC ("Rincon") is pleased to announce the acquisition of the Enclave at Paradise Valley (the "Property") in Phoenix, AZ on February 28, 2019 for $24.0 million. The Property is a 174-unit, class B, garden-style, multi-family apartment community constructed in 1985.
Rincon's investment plan is to renovate and reposition the Property to capitalize on its affluent demographics and convenient location that offers access to numerous major employers and retail amenities within the Phoenix MSA.
The Property is located within the northern Paradise Valley submarket, one of Phoenix's most affluent areas. The Property's central location is easily accessible to many of Phoenix's most prominent employment hubs including the Deer Valley, Desert Ridge/Mayo Clinic, Scottsdale Airpark and Camelback corridors.
Rincon is headquartered in Phoenix, AZ with an office in Atlanta, GA and targets opportunistic and value add multi-family and self-storage commercial real estate in the Southwest and Southeast United States.
For further information on new acquisitions and joint venture opportunities, please contact Jason Ottman, Chief Investment Officer, in our Phoenix, AZ office at (480) 378-2959 or Carson Hammer, Director of Acquisitions, in our Atlanta, GA office at (480) 378-3070.