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2/29/24
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San Diego-based Tower 16 Capital Partners has acquired The Deco at Victorian Square, a 209-unit multifamily property located in Reno, NV, in a $43 mil ($206k/unit) transaction.
Built in 2021, The Deco is located at 955 Avenue of the Oaks in the desirable Victorian Square neighborhood of Sparks, a city just east of Reno. The property is a newly built, 10-story, podium-style multifamily community with a mix of studio, one- and two-bedroom apartments averaging 731 sf in size. The property is in Downtown Sparks just off the I-80 Fwy, close to the Tahoe Reno Industrial Center, Downtown Reno, several large hospital systems, as well as outdoor lifestyle amenities.
Tower 16 will oversee nearly $1 mil in upgrades including modernized common areas, fitness center upgrades and landscaping enhancements. The company also will add outdoor amenities including barbeques, seating and game areas.
Jonathan Merhaut of Eastdil Secured represented the seller in this transaction. Eastdil Secured helped secure debt financing for the buyer, led by Lee Redmond and Greg Stampley.
“This marks our first acquisition in the Reno market and brings us back into Nevada where we previously owned a portfolio of 2,000 units,” said Tower 16 Co-Founder Tyler Pruett. “We are pursuing opportunities in Western growth markets to acquire high-quality real estate at a steep discount to replacement cost and prior-peak pricing. We have been trying to enter the Reno market for years and remain firm in our conviction in-migration from more expensive markets will continue, driven by increasing job opportunities in the area, low cost of living and attractive lifestyle amenities.”
Since its founding in 2017, Tower 16 has made similar moves in markets throughout the West, acquiring nearly 7,000 units representing assets of over $1 bil in Southern California, Las Vegas, Phoenix, Tucson, Albuquerque and Denver.
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