Henley USA has partnered with Tower 16 Capital Partners to continue its US expansion and create Altura, its new Las Vegas-based residential offering.
Altura will focus on multi-family apartment communities in the capital of Nevada with a first property, Altura on Duneville, already acquired. A second property is set to be revealed in May and the duo have announced plans for additional acquisitions later this year. Each Altura property will be renovated to bring a “modern, contemporary look” as well as upgraded amenities.
Garrett Solomon, president of Henley USA, said:
“We are excited to be partnering with Tower 16 to acquire this asset and launch a new residential brand in the market. Once renovations are complete, we believe the Altura brand will be an attractive rental choice for millennials, young families and empty nesters.”
Every Altura property will have a completely refurbished clubhouse, a 24-hour fitness center, new laundry equipment and enhanced common spaces, including the lobby and pool.
Avenue5, a multi-family property management firm headquartered in Seattle, will manage the Altura on Duneville community.
Ian Rickwood, chief executive officer of Henley, added,
“The acquisition of these properties represents an attractive value-add investment and aligns with our strategy to identify investment opportunities in high-demand areas where we can build return through unit renovation. Our partnership with the experienced principals at Tower 16 allows for the off-market acquisition of assets meeting key criteria.
“This purchase builds on Henley USA’s strong track record, having recently completed five transactions in quick succession with a combined value of more than $160m (£112.9m). With the launch of this new brand, Altura, and an extensive pipeline of deal flow, we are confident that Henley USA is on track to double its US footprint in the near-term, and continue that success through 2018 and beyond.”
10th April 2018 | Article by Richard Hook | Property Week
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