Tower 16 Capital Partners based in San Diego has acquired a Las Vegas apartment complex for $29.5 million in a joint venture with Henley USA.
The 314-unit Evergreen Apartments at 2950 S. Decatur Blvd. includes two pools, barbecue and picnic areas, a fitness center, a business center, a playground and on-site laundry rooms.
Tower 16 Partners plans to invest $4 million in renovations.
Tower 16 Principal Tyler Pruett said that Evergreen Apartments is the firm’s fourth acquisition in the Las Vegas market. He said the firm owns close to 1,600 apartments in the market.
“There is a huge need for affordable housing options as the Las Vegas market continues to grow and attract new people to the region and we’re happy to be part of the solution,” said Tower 16 Principal Mike Farley.
Pinnacle, a Las Vegas-based multifamily real estate management firm, will manage the property.
Brian Anderson and Angela Powers of Berkadia represented the seller, The Apartment Company based in Encinitas.