Henley cashes in on $78.5m apartment sale in Las Vegas market
Henley Investments has sold an upscale multifamily community in Las Vegas – Altura on Tropicana.
Acquired by Henley Tower 16 in mid-2018, Altura on Tropicana is a 512-unit community that was extensively renovated and rebranded, so as to appeal to the growing demographic of prime renters in the area.
Ian Rickwood, CEO of Henley, commented:
”We have been able to add value and secure strong returns on this property for our investors in a short space of time. This is a reflection of our ability to identify the right properties in the right locations at the right time.The returns from this sale have exceeded our expectations, with the team quickly transforming these properties to deliver a high-performing asset and an exit 2.5 years ahead of our business plan.
Garrett Solomon, CIO of Henley North America, added:
”This sale is a validation of our investment thesis that multifamily values in the Las Vegas market were being driven higher by strong demographics including in-migration from higher cost of living states such as California. We successfully identified an asset that would benefit materially from a renovation and rebranding, resulting in a repositioning that elevated demand for the units, driving rents and operating performance. We anticipate similar outcomes in the balance of our Las Vegas multifamily portfolio and have already executed similar strategies on other Southwestern markets. We continue to expand the strategy to additional markets with similar dynamics on the East Coast as well.