Las Vegas has proven to be a strong market for multifamily, especially in the workforce housing space. This translates to a buyer pool seeking multi-property acquisitions.
This was the case when San Diego-based Tower 16 Capital Partners sold a three-asset multifamily portfolio in Las Vegas for $182 million to an undisclosed buyer. The 1,165-unit portfolio was assembled by Tower 16 during the past 30 months with the company instituting a heavy repositioning effort on all the assets. The properties consist of Accent on Rainbow, Accent on Decatur and Accent on Sahara.
“Upon our acquisition, all three assets needed significant physical and management improvement, which we quickly implemented at all three properties,” said Tower 16 co-founder Tyler Pruett. “The result was an extraordinary execution, far surpassing our goals for the properties.”
The renovations included upgraded leasing offices, outdoor amenity areas and interior unit renovations to more than 40 percent of units. Tower 16 purchased the properties for $112 million and spent roughly $10.3 million on improvements during the approximate two-and-a-half years of ownership. The new buyer plans to continue the renovation efforts to further improve the performance of the assets.
The properties were marketed earlier this year by Berkadia’s San Diego and Las Vegas teams who represented Tower 16 in the sale. The Berkadia team was led by Ed Rosen, John Chu, Tyler Sinks, Brian Andersen and Jared Glover.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
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