CARLSBAD, CA - San Diego-based Tower 16 Capital Partners has successfully sold Altura on Duneville, a 228-unit apartment project located in Las Vegas. The property was originally purchased in 2018 for $24,000,000 and was sold this month for $35,500,000. During their two-year hold, the company performed significant exterior and interior unit renovations, adding several amenities including a new leasing office, gym, business center and game room.
“Altura on Duneville was a phenomenal project in a great location in Las Vegas,” said Tower 16 Co-Founder Mike Farley, “We put a lot of hard work into repositioning the property in order to create value for the residents, the neighborhood and our investors.”
Tower 16 has amassed a portfolio of close to 2,000 apartment units since first entering the Las Vegas market in April 2018. “We believe that Las Vegas will continue to be a strong market for multifamily investments due to the growing job base and reasonable cost of living,” said Tower 16 Co-Founder Tyler Pruett. “I think you’ll see us continue to be an active buyer in the market for those reasons.”
Altura on Duneville Apartments is located at 5050 Duneville Street, within a few miles of the Las Vegas Strip in the Spring Valley submarket. It includes 228 one- and two- bedroom apartments. Community amenities include two swimming pools, a newly renovated leasing office and on-site daycare.
About Tower 16 Capital Partners LLC: Tower 16 Capital Partners, LLC is a commercial real estate investment and management company focused on acquiring and managing value-add investments in the Western United States. Headquartered in Carlsbad, Calif., Tower 16 was founded by principals Mike Farley and Tyler Pruett who have over 40 years of combined institutional real estate experience with an emphasis on value-add investing. The Company currently has a growing multifamily portfolio of over 2,700 units representing approximately $300 million of assets under management.