Tower 16 Capital, Henley USA Joint Venture Continue Vegas Expansion
The deal marks the third multifamily acquisition between Tower 16 Capital and the US subsidiary of UK-based investment firm Henley that has amassed a portfolio of nearly 1,300 units in Las Vegas so far this year.
LAS VEGAS—A joint venture of San Diego-based Tower 16 Capital Partners and Henley USA has acquired the 540-unit Cornerstone Crossing Apartments complex in northwest Las Vegas for $49.75 million.
The deal marks the third multifamily acquisition between Tower 16 Capital and the US subsidiary of UK-based investment firm Henley that has amassed a portfolio of nearly 1,300 units in Las Vegas so far this year.
Cornerstone Crossing Apartments is a 540-unit community built in 1984. Located at 6666 West Washington Ave. in Las Vegas, the two-story building features studios and one-, two- and three-bedroom apartments ranging from 440 square feet to 1,000 square feet with oversized private patios and balconies.
Tower 16 will oversee $6.5 million in renovations and upgrades to the project.
“Cornerstone Crossing is another great acquisition for Tower 16 as we implement our investment strategy in the Las Vegas market,” says Tower 16 principal Tyler Pruett. “As of this closing, we will have acquired 1,280 units in Vegas this year, which is in-line with our plan to build a significant portfolio of multifamily housing communities catering to working-class individuals and families in the Las Vegas market.”
The partnership’s latest purchase Cornerstone Crossing features acres of landscaped courtyards, three pools and spas, a barbecue area, a business center, a fitness center, basketball courts and a sports court.
“We look forward to taking an already great property and adding several new amenities including a kid’s play area, dog park, enhanced gym and other outdoor amenity areas for the tenants,” says Tower 16 principal Mike Farley. “We take great pride in making investments in workforce housing where we can make meaningful improvements to a project and, in many cases, the entire neighborhood, through our improvements. This is good for the tenants, the neighborhood and the entire city.”
Earlier this year, the joint venture partners acquired Altura on Duneville, a 228-unit property currently undergoing significant upgrades, and Altura on Tropicana, a 512-unit multifamily project in Spring Valley that is also being renovated.