Rincon Partners, LLC (“Rincon”) is pleased to announce the sale of Madison Grove on May 13, 2022, for $51.3 million. Rincon acquired the 171-unit property located in Phoenix, AZ in January 2018 for $21.5 million.
Madison Grove is a fully renovated, boutique apartment community located in the highly desirable 7th Street Corridor area, which is home to great restaurants, shopping, and entertainment and is within minutes to the Biltmore/Camelback employment corridor and downtown Phoenix.
The property was fully renovated in 2015-2017 with a new clubhouse, a newly constructed pool with outdoor barbeque and fire-pit areas, new fitness center and completely renovated unit interiors with stainless steel appliances, faux wood flooring, and modern fixtures.
Rincon is headquartered in Phoenix, AZ and targets value-add and core-plus multifamily 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, at (480) 378-2959.