Tower 16 Sells Las Vegas Portfolio for $182M

LAS VEGAS, NV – San Diego-based, Tower 16 Capital Partners has sold a three-property portfolio in Las Vegas, NV for $182 million. The multifamily portfolio was purchased by an undisclosed buyer.

The multifamily portfolio comprises the 540-unit, Accent on Rainbow at 6666 W. Washington Ave., the 313-unit, Accent on Decatur at 2950 S. Decatur Blvd. and the 312-unit, Accent on Sahara at 4801 E. Sahara Ave. Each of the multifamily communities feature at least two pools, a gym, a clubhouse and outdoor amenities. Accent on Sahara additionally features a kids’ play area and a dog park.

Tower 16 assembled the 1,165-unit portfolio two and a half years ago; purchasing the properties for $112 million. The company has since invested $10.3 million in repositioning efforts at the properties. The firm instituted renovations across each of the assets, including upgraded leasing offices, outdoor amenity areas and interior renovations to more than 40% of the units.

“We are excited to announce the successful sale of our Las Vegas portfolio to a very strong and reputable buyer,” states Tyler Pruett, co-founder of Tower 16. “Upon our acquisition, all three assets needed significant physical and management improvement, which we quickly implemented at all three properties. The result was an extraordinary execution, far surpassing our goals for the properties.”

The new buyer intends to continue the renovation efforts to improve the properties.

Berkadia’s San Diego and Las Vegas teams, led by Ed Rosen, John Chu, Tyler Sinks, Brian Andersen and Jared Glover, marketed the properties and represented Tower 16 in the transaction.

“Las Vegas has proven to be a very strong market for multifamily, especially in the workforce housing space,” says Mike Farley, Tower 16 co-founder. “We remain enthusiastic about the future of Las Vegas and will continue to look for new acquisition opportunities in the marketplace.”