The partnership will acquire multiple multifamily assets in the coming months, targeting value-add opportunities and applying renovations under the Altura brand. The first property is slated to open this summer under the new name.
A partnership of Henley USA and Tower 16 Capital Partners has launched a new apartment community brand in Las Vegas—Altura. The first to be opened is the 228-unit Altura on Duneville, with more to follow this year.
The community is located at 5050 Duneville St. within Spring Valley, about four miles west of the Strip. The 25 buildings comprise 52 one-bedroom and 176 two-bedroom units, ranging in size from 650 to 1,010 square feet. The partnership focused on improving the Altura brand properties by bringing a contemporary look to them through renovations and amenity improvements. The amenity package at Altura on Duneville will include:
- fitness center
- two pools
- on-site daycare
- laundry facilities
- 250 covered parking spaces
The property is situated near multiple schools, shops, dining destinations and public transportation. Also nearby are the Spring Valley Hospital Medical Center, Montevista Hospital and the Charlie Frias Park. Tropicana Avenue and Interstate 15 provide access towards other areas of the metro.
GROWING A BRAND
The partnership stated it will acquire more assets in the coming months, rebranding, renovating and opening them under the Altura name. The second community will be announced in May. “Once renovations are complete, we believe the Altura brand will be an attractive rental choice for millennials, young families and empty nesters,” said Garrett Solomon, president of Henley USA, in a prepared statement.
Altura on Duneville will be managed by Avenue5 and renovations are slated for completion this summer.
11th April 2018 | Article by Tudor Scolca| Multi-Housing News
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