Tower 16 Capital Continues to Expand in Las Vegas
The investment firm buys a 312-unit apartment complex, making for a total of 2,300 units purchased in the last 18 months.
Tower 16 Capital Partners has acquired Five89 Apartments, a 312-unit apartment complex in Las Vegas, for $32.5 million. The property is part of the firm’s aggressive growth strategy in the Las Vegas market. In the last 18 months, it has acquired 2,300 apartment units in the city.
Located at 4801 E. Sahara Avenue, the property has two- and three bedroom apartments and features two swimming pools and a fitness center. Tower 16 plans to invest $4 million to upgrade the property.
Pinnacle will serve as the new property manager.