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7/29/19
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San Diego-based Tower 16 Capital Partners, in a joint venture with Henley Investments, has acquired Five89 Apartments, a 312-unit multifamily project in Las Vegas, for $32.5 mil ($104k/unit). The property was acquired on an off-market basis from a private seller.
Five89 Apartments is located at 4801 E. Sahara Ave, within five miles of the Las Vegas Strip. The community consists mostly of two- and three-bedroom apartments with covered parking and private balconies or patios, two swimming pools, a fitness center, a playground and a leasing office.
Tower 16 will be overseeing $4 mil in renovations and upgrades to the project including new outdoor amenities, an upgraded leasing office and interior renovations. Pinnacle, a national multifamily real estate management firm, will take over as property manager.
“Five89 Apartments fits very well with our investment strategy of purchasing assets below replacement cost in emerging locations with strong demand drivers,” said Tower 16 Principal Tyler Pruett. This buy represents the firm’s seventh acquisition in the last 18 months, and its fifth purchase in the Las Vegas market.
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