Rincon Partners, LLC (“Rincon”) is pleased to announce the acquisition of Ascent 1829 (the “Property”) in Phoenix, AZ on February 16, 2022, for $48.0 million.  The Property is a 180-unit, value-add, multi-family community constructed in 1980. The Property has undergone extensive renovations to the clubhouse, pool, fitness center, building exteriors, and landscaping.  The Property’s unit mix consists of studio, 1-bed/1-bath, and 2-bed/ 2-bath units with a combination of classic and renovated unit interiors.  Rincon’s business plan includes renovating the unit interiors to a higher standard with new modern finishes including new cabinets, quartz countertops, faux-wood flooring, fixtures, and stainless steel appliances, as well as select enhancements to the community amenities at the Property. 

The Property is located in the heart of northeast Phoenix, adjacent to the Phoenix Mountain Preserve. The Property’s convenient location in the Piestewa Freeway (AZ State Route 51) corridor provides residents with efficient access to the Loop 101, Loop 202, Interstate 17, and Interstate 10.  In addition, there are numerous employment, dining, entertainment, and retail options within close proximity to the Property including Downtown/Midtown Phoenix, Camelback Corridor, Central Avenue Corridor, Biltmore Fashion Park, and the 7th Street Restaurant Corridor. 

Rincon is headquartered in Phoenix, AZ and targets opportunistic and value add multifamily and self-storage commercial real estate in the Southwestern and Southeastern United States.

For further information on new acquisitions and joint venture opportunities, please contact Brian McGlynn, Chief Investment Officer, at (480) 378-2959.