Henley Investments, together with partner Tower 16 Capital Partners, has sold three workforce housing communities in Las Vegas, totaling 1,165 units, for $182 million.
Since acquiring the properties in September and November 2018 and July 2019, the partnership has implemented a program of interior and common area renovations, and in turn has delivered compelling returns for investors and a material increase in value well in advance of their underwriting.
“The properties were identified as assets that would benefit significantly from a repositioning in a market where demand is being driven by strong demographic in-migration from other states where cost of living is higher,” said Garrett Solomon, CIO of Henley North America. “These trends have been further augmented by COVID as high-quality affordable housing has become critically important to so many during difficult economic times. As a result of the renovations undertaken, we have seen higher demand for units, c
