Tower 16 Capital Sells Three-Asset Apartment Portfolio in Las Vegas for $182M
LAS VEGAS — San Diego-based Tower 16 Capital has completed the sale of a three-asset multifamily portfolio in Las Vegas. An undisclosed buyer acquired the portfolio for $182 million. Tower 16 assembled the portfolio over the last 2.5 years and repositioned all the assets.
Totaling 1,165 units, the portfolio includes Accent on Rainbow, Accent on Decatur and Accent on Sahara. All three received recent improvements including upgraded leasing offices, outdoor amenity areas and interior unit renovations to more than 40 percent of the units. Tower 16 acquired the assets for $112 million and spent roughly $10.3 million on improvements. The buyer plans to continue the renovation efforts.
Located at 6666 W. Washington Ave., Accent on Rainbow features 540 apartments, three pools, a new clubhouse, leasing office and gym. Accent on Decatur, located at 2950 S. Decatur Blvd., features 313 apartments, two pools, a new clubhouse and gym, two outdoor amenity areas and barbecues. Located at 4801 E. Sahara Ave., Accent on Sahara offer 312 apartments, a renovated clubhouse, two pools, a new gym, kids’ play area, barbecues and a dog park.
Ed Rosen, John Chu, Tyler Sinks, Brian Andersen and Jared Glover of Berkadia represented Tower 16 in the deal.