Partnership closes on Cornerstone Crossing, a multi-family community in the northern part of Las Vegas Valley
BOSTON, Oct. 9, 2018 /PRNewswire/ — This off-market transaction marks the third acquisition by Henley Tower 16 in the Las Vegas market. Henley Tower 16—the joint venture between Henley and Tower 16 Capital Partners—acquired Foothill Village in June 2018, and Winsome West in April 2018.
Located in Las Vegas’s flourishing North submarket, Cornerstone Crossing occupies an area forecasted to have the highest rental growth rate across the entire Las Vegas area. The well-positioned property, near I-95 and North Las Vegas Airport, features a mix of 540 units comprised of studios, one-, two-, and three-bedroom apartments, all featuring central air conditioning. Lifestyle amenities the property includes are swimming pools, Jacuzzis, a business center, covered parking and a community BBQ area.
Ian Rickwood, Chief Executive Officer of Henley, said, “In Las Vegas’ North submarket, demand for high-quality housing and lifestyle amenity packages outpaces new construction. With Henley’s track record of identifying investment opportunities in high-demand areas—such as northern Las Vegas—and repositioning the property through assets renovation, we are in a unique position to quickly bring these rents to market.
Current community management will be replaced by Pinnacle, a leading property management firm currently handling over 53 assets across 14,178 units in Las Vegas. Headquartered in Dallas, TX, Pinnacle manages over 165,000 apartment homes nationwide.
Garrett Solomon, Managing Director, Chief Investment Officer of Henley North America, added, “With over 130 new residents every day, Las Vegas’s prime renting demographic is expected to elevate multifamily rents. We are proud to offer high-quality, upgraded housing options to meet this increased demand.”
The construction timeline consists of completed building renovations by April 2019, and unit renovations before January 2022.
Established in 2006, Henley is a leading UK private equity real estate investor focusing on development, investment and asset management in the commercial, residential, healthcare, land infrastructure, debt, and other alternative real estate assets. Since inception, Henley has approximately doubled in size every year. The company currently has around $2 billion in assets under management.
With offices in Boston, Massachusetts; Newport Beach, California, and Naples, Florida, Henley’s North American operations are led by Garrett Solomon, who previously founded the award-winning, nationally recognized residential land development and management company, Corbelis. Before forming Corbelis in 2012, Solomon spent almost two decades with a series of well-known real estate private equity firms.
SOURCE Henley USA