A Southern California real estate firm bought another Las Vegas apartment complex.
Tower 16 Capital Partners announced last week that it acquired the 314-unit Evergreen complex for $29.5 million with partner Henley USA.
Evergreen is located on Decatur Boulevard near Desert Inn Road. Tower, based in Carlsbad, California, said it will oversee $4 million in renovations and upgrades to the property.
The firm said this was its fourth acquisition in Las Vegas and that it now owns nearly 1,600 units in the valley.
Its other properties include the 540-unit Cornerstone Crossing complex at Washington Avenue and Rainbow Boulevard, which it recently acquired for nearly $50 million.
Contact Eli Segall at firstname.lastname@example.org or 702-383-0342. Follow @eli_segall on Twitter.