LAS VEGAS and SAN DIEGO, Nov. 30, 2018 (GLOBE NEWSWIRE) -- San Diego-based Tower 16 Capital Partners, in a joint venture with Henley USA, has acquired Evergreen Apartments, a 314-unit, multifamily project two miles west of the Las Vegas Strip, for $29.5 million. Tower 16 will oversee $4 million in renovations and upgrades to the project.
“Our acquisition of Evergreen Apartments marks another important step in our strategic growth in the Las Vegas market,” said Tower 16 Principal Tyler Pruett. “With our fourth closing in Vegas, we now have close to 1,600 units in the market.”
The community is located at 2950 S. Decatur Blvd. in Las Vegas, just minutes from the Las Vegas Strip. Evergreen Apartments features studio, one- and two-bedroom apartments with covered parking and private patios. The community includes two pools, barbecue and picnic areas, a fitness facility, a business center, a playground and on-site laundry facilities.
Tower 16 plans to update the community’s common areas, relocate the leasing office, expand the gym and renovate all apartment interiors with new vinyl flooring, appliances, plumbing, lighting fixtures and paint.
“We are excited about the Evergreen acquisition as part of our growing portfolio of investments in Las Vegas,” says Tower 16 Principal Mike Farley. “There is a huge need for affordable housing options as the Las Vegas market continues to grow and attract new people to the region and we’re happy to be part of the solution.”
Pinnacle, a Las Vegas-based multifamily real estate management firm, will take over as property manager. Real estate brokers Brian Anderson and Angela Powers of Berkadia represented the seller, The Apartment Company based in Encinitas, Calif., in the transaction.
This is Tower 16’s fourth acquisition in Las Vegas. The company’s holdings include a 540-unit multifamily project in northwest Las Vegas, a 228-unit property and a 512-unit multifamily project in Spring Valley. All are undergoing renovations and improvements.
About Tower 16 Capital Partners LLC
Tower 16 Capital Partners, LLC is a commercial real estate investment and management company focused on acquiring and managing value-add investments in the Western United States. Headquartered in Carlsbad, Calif., Tower 16 was founded by principals Mike Farley and Tyler Pruett who have over 35 years of combined institutional real estate experience with an emphasis on value-add investing. The principals have managed, repositioned and developed over 300 properties with a combined market value in excess of $2 billion for large public companies and premier private equity firms.