LAS VEGAS, NV - Henley Investments, a leading private equity real estate firm based in the UK and the USA, together with collaborators Tower 16 Capital Partners, have announced the acquisition of the Five89 apartment community in eastern Las Vegas. With 312 units, as well as a full complement of recreation and convenience amenities, the property will be extensively renovated and rebranded as part of Henley Tower 16's family of upscale apartment communities branded as "Accent."
"The strength of the Las Vegas region's economy and its rate of growth – both of which far outpace national averages – mean that more and more residents here, whether new to Las Vegas or not, are seeking more upscale addresses that still give them the flexibility of renting rather than buying," said Henley CEO Ian Rickwood. "Henley's renovation, really more of a re-imagining, will provide another new upscale apartment option to discerning residents, and in one of the most popular sections of Las Vegas," he added.
The community offers studio, one-, two- and three-bedroom apartment homes, with available in-unit washer/dryers and balconies or patios. The community is amenity-rich, with two swimming pools, a Clubhouse with a fitness center, a tot lot, a dog park, a community grilling/BBQ area and covered parking.
"Henley's vision for the apartment community includes full renovations of all the units; redesign of all lobbies, hallways and common areas; redesign of the Clubhouse and management offices; and extensive new landscaping and updates to building exteriors," said Garrett Solomon, MD, CIO of Henley North America. "We expect that all renovations to the building's common areas and grounds should be completed early next year."
The acquisition of Five89 brings the Henley Tower 16 portfolio to over $200 million in assets.