July 29, 2019
San Diego-based Tower 16 Capital Partners, in a joint venture with Henley Investments, has acquired Five89 Apartments, a 312-unit multifamily project in Las Vegas for $32.5 million. The property at 4801 E. Sahara Ave. was acquired on an off-market basis from an undisclosed private seller.
Tower 16’s Tyler Pruett says, “Five89 Apartments fits very well with our investment strategy of purchasing assets below replacement cost in emerging locations with strong demand drivers.”
Tower 16 will be overseeing $4 million in renovations and upgrades to the project, including new outdoor amenities, an upgraded leasing office and interior renovations.
This is the firm’s seventh acquisition in the last 18 months having acquired more than 2,300 units in that timeframe, and its fifth purchase in the Las Vegas market.
For comments, questions or concerns, please contact Dennis Kaiser