TUCSON, AZ – San Diego-based Tower 16 Capital Partners, in partnership with Drake Real Estate Partners, has bought La Mirada Apartments, a 201-unit multifamily project in Tucson, Ariz. The property was bought from a private seller in an off-market transaction.
“We are excited to announce our second acquisition in the Tucson market,” said Tower 16 Co-Founder Mike Farley. “We believe that the demand drivers for multifamily housing in Tucson will continue to grow in the coming years, and we are excited to be part of that growth tale.”
Since its founding in 2017, Tower 16 has made similar moves into markets throughout the West, having bought close to 4,000 units in California, Las Vegas, Phoenix, Tucson and Denver. The company seeks markets with increasing demand for workforce housing driven by job growth and in-migration but with relatively low levels of new supply. According to company executives, Tower 16 intends to build a portfolio of over 1,000 units in the Tucson market over the next several years.
La Mirada Apartments is located at 4415 East Grant Road in Tucson, Ariz. The property is just minutes away from the I-10 freeway and only ten minutes from Downtown Tucson and the University of Arizona campus. The community consists of large two- and three-bedroom apartments with a clubhouse and two swimming pools. Tower 16 will be overseeing over $4 million in upgrades and renovations to the property including modernized unit upgrades, a new clubhouse, gym and updated pool areas. The company will also be adding outdoor amenities including barbeques, seating and outdoor gaming areas.
“We plot on making numerous upgrades to the property that will greatly enhance the tenant experience at La Mirada,” said Tower 16 Co-Founder Tyler Pruett. “It gives us fantastic satisfaction to watch the transformation of the property and the surrounding neighborhood through our efforts. We look forward to starting our work as soon as possible.”
Tower 16 partnered with Drake Real Estate Partners in the acquisition of La Mirada, the second venture in a programmatic relationship between the two firms.

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AUGUSTINE, FL – DLP Real Estate Capital announced its acquisition of the Chandler Park portfolio, amultifamily property portfolio, consisting of two communities in Owensboro and Paducah, Kentucky. This 560-unit portfolio is comprised of 1 bedroom, 2 bedroom, and 3 bedroom units and marks the companies’ first footprint in the Bluegrass State.
Don Wenner, Founder and CEO of DLP Real Estate Capital commented, “We are thrilled to not only make our mark in Kentucky, but more importantly, we’re excited to have an impact on hardworking individuals and their families by providing affordable homes in safe communities. Chandler Park offers higher luxury at affordable pricing.”
Chandler Park, Owensboro, built in 2014, is a 320-unit, multifamily complex located in Owensboro, the fourth largest city by population in the state. The city is the only metropolitan area in the country to have decreased its year-over-year unemployment rate from 4.4% to 4.2% (June 2019-2020) and has experienced immense growth in both businesses and economic development.
The property sits on over 17-acres with 17 residential buildings and includes a resort-style swimming pool, fitness center, and green space with grills. The one to three bedrooms apartments have open floor plans, patios and balconies, stainless steel appliances, granite countertops, and are pet friendly.
Chandler Park, Paducah, built in 2016, is a 240-unit, multifamily complex located in Paducah. Key economic drivers include transportation, manufacturing, and healthcare and the local economy is set to see exponential growth due to the City Block Project, a 3-acre multi use development in downtown Paducah.
The property sits on nearly 12-acres with 7 apartment buildings and includes a resort style swimming pool, expansive fitness center, clubhouse, and dog park. The one to three bedroom apartments have open floor plans, stainless steel appliances with granite countertops, and private patios and balconies, and are pet friendly.
The Chandler Park portfolio was brokered by Brian Devlin, Brandon Wilson, & John Seale of The Kirkland Company. Brian Devlin, Managing Partner commented, “Both Chandler Parks have unmatched amenities and brilliant locations to the city’s demand drivers. Their A quality finishes and superb design make these some of the best assets in the cities.”

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MURFREESBORO, TN – Bluestone Properties is a vertically integrated private real-estate company that owns and manages stabilized high-quality multifamily assets in high growth secondary markets. The firm’s newest acquisition, just out of lease up, is a 260-unit property named Vintage Gateway in Murfreesboro, TN.
Vintage Gateway is strategically located off of I-24 with convenient access to Franklin Road and is in the heart of Murfreesboro business corridor. The community offers residents a variety of shopping and dining options along with close proximity to Stones River National Battlefield, Ancient Fort Golf Course, MTSU and Saint Thomas Rutherford Hospital, making Vintage Gateway one of the most desired locations in Murfreesboro.
Vintage Gateway is an upscale mid-rise community with open concept floor plans that include high end interior features. The kitchen elements include Quartz countertops, stainless steel appliances with built-in wine chillers, and pendant lighting. The property offers a robust suite of amenities for residents to delight in. These amenities include a pet spa, and a paw park, an indoor/outdoor rooftop terrace featuring a full purpose catering bar, gaming stations and entertainment space, along with a resort-style pool and private cabanas. One of many unique features of this community are the private office spaces available to rent by residents or local business owners.
Senior Vice President for Bluestone Properties, Monica Escobedo, states, “We are very pleased to be expanding our footprint in the Tennessee market. I am especially excited to add Vintage Gateway to the portfolio, as it’s fantastic location and superior amenities provide residents a suburban lifestyle, with a quick 35-minute commute to Nashville.”

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