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.
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