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12/07/18
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San Diego-based Tower 16 Capital Partners, in a joint venture with Henley USA, has acquired Evergreen Apartments, a 314-unit, multifamily project two miles west of the Las Vegas Strip, for $29.5 mil ($94k/unit). Tower 16 will oversee $4 mil in renovations and upgrades to the project.
“Our acquisition of Evergreen Apartments marks another important step in our strategic growth in the Las Vegas market,” said Tower 16 Principal Tyler Pruett. “With our fourth closing in Vegas, we now have close to 1,600 units in the market.”
Evergreen Apartments is located at 2950 S. Decatur Blvd, just minutes from the Las Vegas Strip. The property features studio, one- and two-bedroom apartments with covered parking and private patios. The community includes two pools, barbecue and picnic areas, a fitness facility, a business center, a playground and on-site laundry facilities.
Tower 16 plans to update the community’s common areas, relocate the leasing office, expand the gym and renovate all apartment interiors with new vinyl flooring, appliances, plumbing, lighting fixtures and paint.
Pinnacle, a Las Vegas-based multifamily real estate management firm, will take over as property manager. Brian Anderson and Angela Powers with Berkadia represented the property seller, The Apartment Company, based in Encinitas.
This is Tower 16’s fourth acquisition in Las Vegas. The company’s holdings include a 540-unit multifamily project in northwest Las Vegas, a 228-unit property and a 512-unit multifamily project in Spring Valley. All are undergoing renovations and improvements.
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