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Tower 16 has purchased nine multifamily communities in the Phoenix market and 12 in Arizona. Their latest acquisition was the company’s first Build-to-Rent (BTR) purchase. Tower 16 Capital Partners acquired Yardly McDowell, a 167-unit, Build-to-Rent (“BTR”) multifamily property located in the West Valley of Phoenix, AZ. The property was built in 2023 and was acquired for $46.5 million. In a release, the company said it is well below today’s replacement cost and prior-peak pricing. It’s the company’s ninth acquisition in the Phoenix market and our 12th acquisition in Arizona.