Why SoCal Investors Are Falling for Vegas

Tower 16, a new real estate investment from industry veterans Mike Farley and Tyler Pruett, has partnered with Henley USA to take advantage of the tremendous growth in the Las Vegas market. The partnership is buying value-add multifamily assets and rebranding them as Altura after a major renovation. The joint venture has acquired its first property in the market, the 228-unit Winsome West Apartments, which will be rebranded as Altura on Duneville. The buy is the first of many more to come—they plan to amass a portfolio of 1,000 to 1,500 units in the next 12 months. We sat down with Farley and Pruett to talk about the joint venture and why Las Vegas is seeing so much buzz.

GlobeSt.com: Tell me about your investment strategy in Las Vegas and your partnership with Henley USA.

Mike Farley: We have aligned ourselves with Henley USA to form a joint venture specifically in the Las Vegas market for value-add multifamily investments. We bring the boots on the ground deal sourcing and operational capacity, while Henley, which certainly has operation capacity, are really assisting in raising capital and putting the capital structure together. We saw this as a very valuable joint venture where both parties are binging something unique to the table. We really looked at the Las Vegas market in the same way. We have seen a lot of value in creating an overall brand for the market that would be representative of our company and our vision and our overall plan for these investments. That is the broad-brush overview.