SAN DIEGO – Oct. 25, 2022 – PRLog — Tower 16 Capital Partners, has sold a pair of multifamily assets in Tucson, Arizona, for $65,150,000 to an undisclosed buyer. The 459-unit two-pack was assembled by Tower 16 over the last 24 months with the company instituting a heavy repositioning effort to all the assets. The properties consist of Sierra Vista and La Mirada Apartments.
“We are excited to announce the successful sale of these assets to a strong and reputable buyer, who knows the Tucson market well,” said Tower 16 co-founder Mike Farley. “Upon our acquisition, both assets needed significant physical and management improvement, which we quickly implemented at the two properties. The result was an execution that we are proud of, leaving both properties well positioned to take advantage of the strong economic dynamics of the Tucson market.”
Both assets received significant renovations including the leasing offices, outdoor amenity areas and interior unit renovations on 40 percent of units. Tower 16 purchased the properties for $36 million and spent $4.9 million on improvements during the approximate two years they owned the properties. The new buyer plans to continue the renovation efforts to further improve the appeal and performance of the assets.
Sierra Vista consists of 258 apartment units located at 3535 N. 1st Avenue. The property has two pools, a new clubhouse, leasing office and gym. La Mirada consists of 201 apartment units and is located at 4415 E. Grant Rd. La Mirada has two pools, a new clubhouse with a fitness center, and a new outdoor amenity area.
“These properties were exceptional projects for not only Tower 16 but for our investors and, most importantly, the residents of our communities. Tucson has proven to be a unique market with strong fundamentals for multifamily, especially in the workforce housing space,” said Tower 16 co-founder Tyler Pruett. “The marketplace remains at the top of our list for investment as we are confident in the future of Tucson and its continued growth, in spite of the uncertain national economic outlook.”
The properties were marketed earlier this year by Institutional Property Advisor’s Tucson team who represented Tower 16 in the sale. The IPA team was led by Art Wadlund, Clint Wadlund, and Hamid Panahi
About Tower 16 Capital Partners LLC Tower 16 Capital Partners, LLC(http://www.tower16capital.com) is a commercial real estate investment and management company focused on acquiring and managing value-add investments throughout the Western United States. Headquartered in Encinitas, Calif., Tower 16 was founded in 2017 by principals Mike Farley and Tyler Pruett who have over 45 years of combined institutional real estate experience with an emphasis on value-add investing. Since 2017, the Company has acquired close to 6,800 units representing $1 billion of assets under management.
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Recently, Tower Finance is proud to announce the Launch of its Algorithmic Stablecoin. Algorithm-based stablecoins are new variants of cryptocurrency tailored for offering improved price stability. In the current market today, more and more users have taken interest, as it can also help in balancing the supply and demand of the asset in circulation.
Algorithmic Stablecoin Protocol, developed by Tower Finance, looks to offer considerably improved capital efficiency in comparison to collateralized stablecoins.
What is Tower Finance?
The Tower Finance is a Fractional-Algorithmic Stablecoin, soft-pegged to the U.S. Dollar, built on the Polygon network. The protocol plans to maintain TWR price stability by storing sufficient collateral in the time locked-smart contracts. The USDC is deposited into the protocol when a user mints TWR token, while the CUBE token, which is used for minting, is burned. When the user redeems TWR tokens, the protocol pays back USDC and mints the required amount of CUBE tokens. This allows arbitrageurs to help maintain price stability.
Aiming to solve the ‘Stablecoin trilemma’
Tower Finance aims to provide a solution for the so-called ‘Stablecoin trilemma’ of decentralization, capital efficiency, and price stability by introducing TWR, its fractional-collateralized algorithmic stablecoin. Tower Finance aims to build an ecosystem that incorporates both collateral and high capital efficiency, hence developing stability.
By implementing a floating collateralization ratio, TWR not only maintains its peg in the most efficient manner possible, but it also captures value for CUBE holders and produces yield for its community of holders.
Implementing DeFi 2.0 through Protocol Owned Liquidity and Protocol Rented Liquidity
Tower Finance is the first algorithmic stablecoin protocol to adopt the ‘Protocol Owned Liquidity’ model introduced by OlympusDAO. While the structure is different, the underlying idea is similar. The protocol charges a penalty to users who terminate the vesting terms for the farming rewards. When this happens, the protocol uses 2/3 of the collected penalty for providing liquidity. Half of it is converted to USDC and used to provide liquidity. The leftover, which amounts to 1/3 of the collected penalty, is sent to the Profit Manager.
When TWR is minted with USDC and CUBE, the protocol doesn’t immediately burn CUBE. Instead, 50% of CUBE is sold to temporarily create a CUBE-USDC LP to provide additional liquidity. We call this ‘Protocol Rented Liquidity’, because the meant-to-be-burnt tokens are borrowed for a short period of time to add liquidity to Tower’s ecosystem until it is removed via governance decisions, in which case, the USDC is converted into CUBE and burned.
With a commitment for long-term sustainability yet a market fit, ultra high-yield/yield enhancement go-to-market strategy, it is perfectly destined to pave the way for stablecoin protocols in the era of DeFi 2.0
Tower Finance officially launches on Valentine’s Day: 14th of Feb, 6:00am UTC.
Via ZEXPR, The metal and mining industries have been one of the most popular ones with respect to profits in the investors’ circles. Before the pandemic hit us, these two sectors were booming high because of the increasing demand. Although these two sectors seem the same initially they have a very fine line dividing the two. It has been seen that most of the leading companies in these two sectors have adopted strategies which go around keeping the costs low so that sales and profits can be maximized.
Green Tower Investments analyst takes a closer look at the two companies that have managed to stay afloat and show prospects of a good future.
It has been seen that these two companies have suffered massively because of the pandemic and so have their investors. There came a time when due to lock down all factories had to be kept closed for weeks and even months. This heavily impacted the economies of countries but fortunately enough, now the vaccine is all set for damage control. Below are two mining and metal stocks that might help you get your hands on high dividends in the future.
Nucor is a steel producing company which is based in Charlotte, North Carolina. This company is very well known throughout the United States because they are the largest producers of steel in America. They also happen to the largest mini-mill steelmaker. Apart from this, they are the biggest scrap recyclers in entire North America. The company was founded in the year 1940 by Ransom E. Olds. He is the one who created Oldsmobile. Nucor Corporation was originally the REO motor company but it evolved to become Nuclear Corporation of America. These days it is the world-famous Nucor Corporation.
In the year 2020, the company made a revenue of 20.139 US Dollars, an operating income of more than 800 US dollars and a net income of more than 700 million US dollars. The Nucor Corporation had a price to earnings ratio of 15. Currently, they are trading well below the peak value because of the unfavourable conditions. Pandemic borne problems have severely damaged the supply chain and that is what leads to the prevalence of uncertainties in the area. In order to fight the declining earnings, the company has increased their prices and according to our experts, this measure has proved to be beneficial and successful so far. This can be said in the light of profits which increased by 25% only in the first quarter of the year 2021 as compared to the first quarter of last year. They have also reported earnings per share of 3.1 billion this month. This entire scenario suggests that the company was initially struggling with profits because of Covid 19 but now they are clearly on their way to make large profits. Our experts say this is a stock that can be regarded as Undervalued and can prove to be a good buy in the time to come.
Kinross is a silver and gold producing company which is based in Canada. The company was founded in the year 1993, by Mr Robert Buchan and has headquarters in two places in Canada; Ontario and Toronto. The company has been on a mission of business expansion and they are operational in countries such as Russia, Canada, Chile, United States and Brazil. Currently, Kinross has a total of eight operational gold mines. The Investigating News placed it fifth on their “10 top gold mining companies” list.
According to data, the company made a profit of 3.303 billion US dollars in the year 2017 and this reflects how prominent they stand in the mining industry. In 2019, the revenue jumped to 3.49 billion US dollars which were an 8.86 per cent high of 2018’s revenue which was 3.213 billion US dollars. Reports regarding the company’s meta deposits say that they have more than 79 million ounces of both gold and silver which might be proven or probable under its control. Currently, the company has a market cap of more than 9 billion dollars. In the last quarter of the last year, the company had stakes worth a total of 649 million dollars. These statistics are a clear reflection of the fact that Kinross can prove to be quite beneficial for investors if the conditions do not get any worse due to pandemic.
With the vaccine in the market, we have seen that the businesses which got affected by the pandemic are finally ready to get back but this might take some time keeping in mind the fact that some countries are still facing massive waves of new covid variants. Despite the uncertainties, experts are optimistic regarding these two stocks soaring high soon.
Disclaimer: Our content is intended to be used for informational purposes only.
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