Tower 16 Capital Partners’ investment in three Las Vegas multifamily communities has paid off. The San Diego-based real estate investment firm has sold the 1,165-unit portfolio—Accent on Rainbow, Accent on Decatur, and Accent on Sahara—for $182 million. According to the Las Vegas Review-Journal, Utah-based Bridge Investment Group is the buyer.
Tower 16 assembled the portfolio over the past two-and-a-half years, acquiring the properties for $112 million and spending roughly $10.3 million on improvements. Renovations included upgraded leasing offices, outdoor amenities, and interior updates to over 40% of the units.
Accent on Rainbow features 540 units with three pools, a new clubhouse, a leasing office, and a gym. The 313-unit Accent on Decatur includes two pools, a new clubhouse and gym, two outdoor amenity areas, and barbecues. Accent on Sahara is comprised of 312 units, a renovated clubhouse, two pools, a new gym, a children’s play area, barbecues, and a dog park.
“We are excited to announce the successful sale of our Las Vegas portfolio to a very strong and reputable buyer,” said Tower 16 co-founder Tyler Pruett. “Upon our acquisition, all three assets needed significant physical and management improvement, which we quickly implemented at all three properties. The result was an extraordinary execution, far surpassing our goals for the properties.”
According to Tower 16, the new buyer plans to continue the renovation efforts to further improve the performance and appeal of the properties.
The properties were marketed by Berkadia’s San Diego and Las Vegas teams, which represented Tower 16 in the sale. The Berkadia team was led by Ed Rosen, John Chu, Tyler Sinks, Brian Andersen, and Jared Glover.
