Tower 16 Pays $43M for Reno Rental Property

Tower 16 Capital Partners acquired The Deco at Victorian Square, a 209-unit multifamily property located in Reno, Nevada. The project was built in 2021 and acquired for $43 million. It’s 97% leased.

Tower 16’s Tyler Pruett added, “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.”

The Deco is located at 955 Avenue of the Oaks in the desirable Victorian Square neighborhood of Sparks. The property is a newly built, 10-story, podium-style multifamily community with a mix of studio, 1- and 2- bedroom apartments averaging 731 square feet.

Tower 16 will oversee nearly $1 million in upgrades, including modernized common areas, fitness center upgrades and landscaping enhancements. The company will also add outdoor amenities, including barbeques, seating and game areas.

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