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May 22, 2019
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Tower 16 Capital Partners Buys 540-Unit Res Community in Vegas


San Diego-based Tower 16 Capital Partners, in a joint venture with Henley USA, has acquired Cornerstone Crossing Apartments, a 540-unit multifamily project in northwest Las Vegas, for $49.75 mil ($92k/unit). Tower 16 will oversee $6.5 mil in renovations and upgrades to the project.

Built in 1984, Cornerstone Crossing is located at 6666 West Washington Ave. It is easily accessible to I-95, public transportation, shopping, entertainment and the Las Vegas Strip.

The two-story building offers studios and one-, two- and three-bedroom apartments ranging from 440 sf to 1k sf in size, with oversized private patios and balconies. The community features acres of landscaped courtyards, three pools and spas, barbecue area, business center, fitness center, basketball courts and sports court. Tower 16 plans to add several new amenities including a kidís play area, dog park, enhanced gym and other outdoor amenity areas for the tenants.

This is Tower 16ís third acquisition in Las Vegas. Earlier this year, the company acquired Altura on Duneville, a 228-unit property currently undergoing significant upgrades. As of this closing, the firm will have acquired 1,280 units in Vegas this year.

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