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 demograp