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RENO, NEV. — San Diego-based Tower 16 Capital Partners has acquired The Deco at Victorian Square, an apartment property located at 955 Avenue of the Oaks in Reno, for $43 million.
Built in 2021, The Deco features 209 apartments in a mix of studio, one- and two-bedroom layouts averaging 731 square feet. Tower 16 plans to implement nearly $1 million in upgrades, including modernized common areas, fitness center upgrades and landscaping enhancements. The company has also planned outdoor amenities, including barbecues, seating and game areas.
Jonathan Merhaut of Eastdil Secured represented the undisclosed seller in the deal. Lee Redmond and Greg Stampley of Eastdil Secured arranged debt financing for the buyer.