The joint venture between Henley USA and Tower 16 Capital Partners has acquired a major multi-family scheme in an off-market deal to add to its Las Vegas portfolio.
Henley Tower 16 has closed on the acquisition of the Evergreen Apartments, a 314 unit multi-family community located in the Las Vegas Spring Valley, Property Week can reveal.
A comprehensive renovation of all the unit, a mix of studios, one-bedroom, two-bedroom, and three-bedroom apartments, is scheduled to begin this month to renovate the scheme originally built in 1979. Community amenities include swimming pools, fitness center, business center, covered parking, BBQ area, and storage space.
This off-market deal marks the fourth acquisition by Henley Tower 16 in the Las Vegas market this year. Henley Tower 16—the joint venture between Henley and Tower 16 Capital Partners—acquired Cornerstone Crossing in September 2018, Foothill Village in June 2018, and Winsome West in April 2018.
The acquisition of Evergreen Apartments brings the Henley Tower 16 portfolio to more than $165m across 1,600 units in greater Las Vegas.
Ian Rickwood, Chief Executive Officer of Henley, said,
“With our proven track record of identifying the right property in the right location, we are efficiently using our expertise to transform these assets into upgraded desirable apartments.”
6th December 2018 | Article by Richard Hook | Property Week
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