ENCLAVE AT PARADISE VALLEY SOLD

Enclave multifamily property

Rincon Partners, LLC (“Rincon”) is pleased to announce the sale of Enclave at Paradise Valley (the “Property”) on April 5, 2021 for $37.6 million.  Rincon acquired the 174-unit, class B, property located in Phoenix, AZ on February 28, 2019 for $24.0 million.Rincon completed a significant renovation program to 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 renovation program included modern exterior paint and signage, a reconfiguration and update of the clubhouse and leasing center, new roofs, and a unit interior renovation program which included new cabinets, countertops, and stainless steel appliances.

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 acquisition office in Atlanta, 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 Brian McGlynn, Chief Investment Officer, in our Phoenix, AZ office at (480) 378-2959.

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