Tower 16 Capital Partners and HG Capital joined forces to acquire Lilly Garden Apartments, a 180-unit multifamily property in Phoenix. The Southern California duo acquired the asset from local seller Excel Real Estates LLC for $11.7 million in an off-market transaction. Dan Cheyne, Ric Holway and Mark Forrester of Berkadia brokered the transaction. Tower 16 is planning to invest $2.
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