Henley completes exit of Las Vegas Market with sale of large workforce housing portfolio

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