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May 22, 2019
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Tower 16 Capital Partners and Henley USA Team Up in $50 Mil Vegas Apartment Buy


Tower 16 Capital Partners, in a joint venture with Henley USA, has acquired Foothill Village, a 512-unit multifamily project in the Las Vegas submarket of Spring Valley. The property was acquired on an off-market basis from a private seller in a deal valued at $50 mil ($97.6k/unit).

The community is located at 6255 W. Tropicana, close to I-15 and the Las Vegas Strip, allowing quick access to Summerlin, Henderson and McCarran International Airport. It offers oversized one-, two- and three-bedroom apartments and townhomes with central air conditioning and individual electric metering. Community amenities include three swimming pools, two spas, two basketball courts, four laundry facilities, a business center, a large playground and dog runs.

Tower 16 will be overseeing close to $7 mil in renovations and upgrades to the project, including new outdoor amenities, gym, leasing office and interior renovations. Changes include renaming the property as Altura on Tropicana. The partners hired Pinnacle, a leading multifamily property management firm that handles more than 14,000 units in Las Vegas, to manage the asset on behalf of the joint venture.

“The Foothill Village acquisition fits very well with our investment strategy with Henley USA in the Las Vegas market,” said Tower 16 Principal Tyler Pruett. “The project offers significant operational and capital improvement upside and allows us to provide much-needed workforce housing in Las Vegas.”

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