Rincon Partners, LLC ("Rincon") is pleased to announce the acquisition of Village Greens of Queen Creek (the "Property") in Queen Creek, AZ on March 23, 2021, for $15.25 million. The Property is a 50-unit, "built-for-rent" Class A, multi-family community constructed in 2020. The Property consists of townhome style units with private backyards, 9-foot plus ceiling heights, and high-end finishes such as quartz countertops, kitchen islands, and in-unit washers and dryers. Rincon's business plan includes capitalizing on the under-market first generation leases and focusing on operating performance to capitalize on the dynamic Queen Creek/Gilbert, AZ multifamily rental market.
The Property is located within the Gilbert submarket, one of the highest growth and top performing multifamily submarkets in the Phoenix MSA. Numerous prominent companies have offices nearby including Deloitte, Dignity Health, and Go Daddy, as well as Phoenix-Mesa Gateway Airport and Arizona State University - Polytechnic Campus.
Rincon is headquartered in Phoenix, AZ with an acquisition office in Atlanta, GA 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, in our Phoenix, AZ office at (480) 378-2959.