London-based private equity real estate firm Henley Investments has partnered with Tower 16 Capital Partners, a U.S. commercial real estate investor and manager, to purchase the Five89 apartment community in eastern Las Vegas.
With 312 units and a full complement of recreation and convenience amenities, the property will be extensively refurbished and rebranded as part of Henley Tower 16's family of upscale apartment communities branded as Accent.
The acquisition of Five89, which offers studio, one-, two- and three-bedroom apartment homes, with available in-unit washer and dryers as well as balconies or patios, brings the Henley Tower 16 portfolio to over $200 million in assets.
The companies expect all renovations to the property's common areas and grounds to be completed early next year. Five89's facilities include two swimming pools, a clubhouse, a tot lot, a dog park, a community grilling area and covered parking.