Rincon Partners, LLC (“Rincon”) is pleased to announce the acquisition of Ascent on Peoria (the “Property”) in Glendale, AZ on August 8, 2022, for $58.2 million. The Property, formerly known as Villas Los Limones, is a 224-unit, value-add, multi-family community constructed in 1983. The Property consists of 1-bed/ 1-bath and 2-bed / 2-bath units with a combination of classic and renovated unit interiors. The seller made investments in the Property including enlarged fenced unit patios, landscaping, and new windows throughout the property.

Rincon’s business plan includes renovating the unit interiors with new modern finishes including new cabinets, quartz countertops, faux-wood flooring, fixtures, and stainless steel appliances. The renovation plan also includes adding in-unit washer and dryer appliances, as well as repainting the exterior, adding a fitness center, fencing the community, and other enhancements to the community amenities at the Property.

The Property is located in Glendale, AZ with access to the Interstate 17 and Arizona Loop 101 freeways. Major nearby employers include the Arizona State University West Campus and Banner Health, as well as the I-17 and Deer Valley employment corridors. The Property also has easy access to numerous retail amenities including the Westgate entertainment district.

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.