Partnership closes on Evergreen Apartments, a multi-family community in the Spring Valley submarket of Las Vegas.
This off-market transaction 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.
Evergreen Apartments is located in the Las Vegas Spring Valley submarket—an area experiencing annual rent growth of 6.9% over the last year, exceeding the market average of 6.2%. The well-positioned property is located on a primary transportation artery in Las Vegas.
Built in 1979, the property features 314 units comprised of a mix of studios, one-bedroom, two-bedroom, and three-bedroom apartments. The units feature central air with individually metered electric, and private balconies or patios. The community amenities include swimming pools, fitness center, business center, covered parking, BBQ area, and storage space. A comprehensive renovation of 100% of the units is scheduled to commence December 2018.
Henley Tower 16 exhibits a strong record of identifying investment opportunities in high-demand areas and repositioning the assets through interior and exterior renovations. Henley Tower 16’s first two projects—Winsome West and Foothill Village—are showing material rental rate increases for renovated units after just 6 and 3 months of operations, respectively.
Ian Rickwood, Chief Executive Officer of Henley, says,
“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.”
In the Spring Valley submarket of Las Vegas, demand for high-quality housing and lifestyle amenity package continues to outpace new construction.
Garrett Solomon, Managing Director, Chief Investment Officer of Henley North America, added,
“Las Vegas continues to attract strong business investment supporting a growing labor market. This demographic is expected to both elevate multifamily rents and increase demand for interior upgrade and lifestyle amenity packages.”
The acquisition of Evergreen Apartments brings the Henley Tower 16 portfolio to more than $165 million of assets and approximately 1,600 units in greater Las Vegas.
4th December 2018 | Article by Richard Hook | Property Week
Original Source |Henley USA