Tower 16 Capital Partners has recently acquired The Deco at Victorian Square, a premier multifamily property in the thriving city of Reno, Nevada. This newly built project boasts 209 units and was purchased for $43 million in 2021. Currently, it maintains an impressive occupancy rate of 97%.
According to Tyler Pruett from Tower 16, their focus is on acquiring top-quality real estate at discounted prices in growing Western markets. Despite previous attempts to enter the Reno market being unsuccessful, they remain confident that the influx of residents from more expensive areas will continue.
The Deco is situated at highly coveted location -955 Avenue of the Oaks- within Sparks’ desirable Victorian Square neighborhood. It features a modern design with ten stories and offers studio as well as one- and two-bedroom apartments averaging around 731 square feet.
In addition to this prime location and upscale amenities already available at The Deco, Tower 16 plans to invest nearly $1 million towards upgrades such as revamped common areas, improved fitness center facilities,and enhanced landscaping throughout the property.Additionally,outdoor amenities including barbeques,lounge seating,and recreational spaces will be added for residents’ enjoyment.
This recent acquisition by Tower16 highlights their commitment towards expanding their portfolio with strategic investments in flourishing markets like Reno without compromising on quality or value.
