“Cornerstone Crossing is another great acquisition for Tower 16 as we implement our investment strategy in the Las Vegas market,” says Tower 16 principal Tyler Pruett. “As of this closing, we will have acquired 1,280 units in Vegas this year, which is in-line with our plan to build a significant portfolio of multifamily housing communities catering to working-class individuals and families in the Las Vegas market.”

The partnership's latest purchase Cornerstone Crossing features acres of landscaped courtyards, three pools and spas, a barbecue area, a business center, a fitness center, basketball courts and a sports court.

“We look forward to taking an already great property and adding several new amenities including a kid's play area, dog park, enhanced gym and other outdoor amenity areas for the tenants,” says Tower 16 principal Mike Farley. “We take great pride in making investments in workforce housing where we can make meaningful improvements to a project and, in many cases, the entire neighborhood, through our improvements. This is good for the tenants, the neighborhood and the entire city.”

Earlier this year, the joint venture partners acquired Altura on Duneville, a 228-unit property currently undergoing significant upgrades, and Altura on Tropicana, a 512-unit multifamily project in Spring Valley that is also being renovated.