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January 23, 2019
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Tower 16 Capital Partners and Henley USA Buy 228-Unit Res Asset in Las Vegas


San Diego-based Tower 16 Capital Partners and Henley USA have partnered to launch Altura, a new brand of multifamily apartment communities in Las Vegas. The partnership made their first acquisition last month, a 228-unit Class B property that was purchased in an off-market transaction. The property, located at 5050 Duneville St, represents the first of several acquisitions planned for this year in the Las Vegas market.

Built in 1987, the property features 25 buildings with one- and two-bedroom units. Planned capital improvements include a completely refurbished clubhouse, a 24-hour fitness center, new laundry equipment and enhanced common spaces, including the lobby and pool. Apartment interiors will also be upgraded with contemporary finishes and the latest in residential technology. The partnership also will bring in an institutional quality property management team to improve operations and services for renters.

Tower 16 plans an extensive renovation of the property, formerly known as Winsome West Apartments, including rebranding the property to Altura on Duneville. Tower 16’s business model is to purchase under-performing properties in high-demand markets and modernize them with a more contemporary look, updated amenities and professional management.

“The Las Vegas real estate market has seen a recent resurgence with strong rent growth, and with our improvements Altura on Duneville will be a top choice among multifamily product for millennials, young families and empty nesters," said Tower 16 Principal Tyler Pruett. “The location is in close proximity to the Las Vegas Strip and future location of the Las Vegas Raiders stadium, with convenient freeway access, so we expect it to be in high demand.”

The asset was sold by Casa Mia Inc, who was repped by Sasi Fulmer with Elite Realty. The price was not disclosed. The Tower 16 partnership expects to announce its second acquisition next month.

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