RENO, Nev. & SAN DIEGO, February 28, 2024 Tower 16 Capital Partners Acquires The Deco at Victorian Square, Its First Multifamily Project in Reno for $43 million, well below replacement cost.
ENCINITAS, CA - San Diego-based Tower 16 Capital Partners has acquired a four-property portfolio, totaling 572 units in Albuquerque, N.M. The property was acquired from Greenwater Investments for an undisclosed price.
“We’re very excited about the acquisition of these four properties. The project represents our first investment in Albuquerque, which we believe is poised for future rent growth due to the strong demand for workforce housing,” said Tower 16 co-founder Mike.
ENCINITAS, CA - San Diego-based Tower 16 Capital Partners has successfully sold The District at Grand Terrace, a 352-unit apartment project located in Colton, Calif. The property was originally purchased in 2019 for $63,050,000 and was sold this month for $88 million. During its two-year hold, the company performed a $2.6 million capital improvement program including interior unit renovations and enhancing several exterior amenities.
“District at Grand Terrace was a phenomenal execution for Tower 16 and our primary LP investor,” said Tower 16 Co-Founder Mike Farley. “In just two years, we significantly enhanced the value of the property and transacted with one of the preeminent multifamily owners on the West Coast.”