San Diego-based Tower 16 Capital Partners has successfully acquired The Deco at Victorian Square, a 209-unit multifamily property located in the rapidly growing Reno, Nevada, market. The project was built in 2021 and acquired for $43 million, well below today’s replacement cost. 

“This marks our first acquisition in the Reno market and brings us back into Nevada where we previously owned a portfolio of 2,000 units,” said Tower 16 Co-Founder Tyler Pruett. “We are pursuing opportunities in Western growth markets to acquire high-quality real estate at a steep discount to replacement cost and prior-peak pricing. We have been trying to enter the Reno market for years and remain firm in our conviction in-migration from more expensive markets will continue, driven by increasing job opportunities in the area, low cost of living and attractive lifestyle amenities.”

Since its founding in 2017, Tower 16 has made similar moves in markets throughout the West, acquiring nearly 7,000 units representing assets of over $1 billion in Southern California, Las Vegas, Phoenix, Tucson, Albuquerque and Denver. The company seeks markets that exhibit strong rental housing fundamentals including employment growth, in-migration and a limited new supply of housing. Tower 16 is aggressively targeting other new construction assets in varying stages of completion/lease-up as well as value-add opportunities in the Southwest.

The Deco is located at 955 Avenue of the Oaks in the desirable Victorian Square neighborhood of Sparks, a city just east of Reno. The property is a newly built, 10-story, podium-style multifamily community with a mix of studio, 1- and 2- bedroom apartments averaging 731 square feet. The property is in Downtown Sparks just off the I-80 freeway close to the Tahoe Reno Industrial Center, Downtown Reno, several large hospital systems, as well as outdoor lifestyle amenities.

“We are eager to build from the momentum here and continue targeting other recently developed multifamily communities,” said Tower 16 Co-Founder Mike Farley. “The Deco has performed very well and FPI Management has done a phenomenal job managing the final stages of lease-up, getting the property up to 97% occupancy during escrow. The property is extremely well built, and we plan to take it to the next level by improving critical tour path amenities and enhancing the overall tenant experience.” 

Tower 16 will oversee nearly $1 million in upgrades including modernized common areas, fitness center upgrades and landscaping enhancements. The company also will add outdoor amenities including barbeques, seating and game areas.

“We have been patiently waiting for the right re-entry point in the market and are extremely grateful to Eastdil for the opportunity to acquire the property and appreciate their assistance securing debt financing during a turbulent capital markets environment,” said Tower 16 Director of Acquisitions Dave McClain. “The Tower 16 team is eager to execute the business plan with our excellent investment partner and lender.”

Jonathan Merhaut of Eastdil Secured represented the seller in this transaction. Eastdil Secured helped secure debt financing for the buyer, led by Lee Redmond and Greg Stampley.

San Diego-based Tower 16 Capital Partners, has sold a pair of multifamily assets in Tucson, Arizona, for $65,150,000 to an undisclosed buyer. The 459-unit two-pack was assembled by Tower 16 over the last 24 months with the company instituting a heavy repositioning effort to all the assets. The properties consist of Sierra Vista and La Mirada Apartments. 

“We are excited to announce the successful sale of these assets to a strong and reputable buyer, who knows the Tucson market well,” said Tower 16 co-founder Mike Farley. “Upon our acquisition, both assets needed significant physical and management improvement, which we quickly implemented at the two properties. The result was an execution that we are proud of, leaving both properties well positioned to take advantage of the strong economic dynamics of the Tucson market.” 

Both assets received significant renovations including the leasing offices, outdoor amenity areas and interior unit renovations on 40 percent of units. Tower 16 purchased the properties for $36 million and spent $4.9 million on improvements during the approximate two years they owned the properties. The new buyer plans to continue the renovation efforts to further improve the appeal and performance of the assets. 

Sierra Vista consists of 258 apartment units located at 3535 N. 1st Avenue. The property has two pools, a new clubhouse, leasing office and gym. La Mirada consists of 201 apartment units and is located at 4415 E. Grant Rd. La Mirada has two pools, a new clubhouse with a fitness center, and a new outdoor amenity area. 

“These properties were exceptional projects for not only Tower 16 but for our investors and, most importantly, the residents of our communities. Tucson has proven to be a unique market with strong fundamentals for multifamily, especially in the workforce housing space,” said Tower 16 co-founder Tyler Pruett. “The marketplace remains at the top of our list for investment as we are confident in the future of Tucson and its continued growth, in spite of the uncertain national economic outlook.” 

The properties were marketed earlier this year by Institutional Property Advisor’s Tucson team who represented Tower 16 in the sale. The IPA team was led by Art Wadlund, Clint Wadlund, and Hamid Panahi 

Tower 16 Capital Partners, LLC is a commercial real estate investment and management company focused on acquiring and managing value-add investments throughout the Western United States. Headquartered in Encinitas, Calif., Tower 16 was founded in 2017 by principals Mike Farley and Tyler Pruett who have over 45 years of combined institutional real estate experience with an emphasis on value-add investing. Since 2017, the Company has acquired close to 6,800 units representing $1 billion of assets under management. 

Tower 16 Capital Partners has sold Obsidian on Ocotillo Apartments, a 232-unit multifamily project in Glendale, AZ, for $56.4 million. The property was purchased by Tower 16 in April 2021 for $40 million in an off-market transaction. The new buyer is SB Real Estate Partners, who is planning to further improve the property during its ownership.

“We made significant improvements to Obsidian on Ocotillo during our ownership including an entire rebrand of the community,” said Tower 16 Co-Founder Tyler Pruett.  “We have now executed three roundtrip investments in the Phoenix market representing nearly $120 million of sale value.”

Obsidian on Ocotillo Apartments, formerly known as Summerhill Place, is a 232-unit apartment community located at 6801 W. Ocotillo Road in Phoenix. The property is in the Glendale submarket of Maricopa County, less than eight miles from downtown Phoenix. The property is conveniently located near the I-60 freeway and Arizona State Route 101, allowing quick access to downtown Phoenix and other parts of Maricopa County.

Obsidian on Ocotillo was built in 1986 and consists of 14 buildings situated on 8.55 acres. Common area amenities include gated access, two pools, laundry facilities, barbeques, a playground and dog park. The project is comprised of one-bedroom and two-bedroom units including fully equipped kitchens with stove/ovens, refrigerators, ceiling fans, washers and dryers. Tower 16 spent over $2.7 million in renovations and upgrades to the property during its ownership.

“Obsidian on Ocotillo proved to be a great project for not only Tower 16 but for our investors and, most importantly, our residents of the community,” said Tower 16 Co-Founder Mike Farley.  “We are very happy about the outcome and are continuing to look for multifamily investment opportunities in the Phoenix market.”

Real estate broker Jesse Hudson, Trevor Koskovich, and Bill Hahn of Northmarq Phoenix advised Tower 16 on the sale.


Tower 16 Capital Partners, LLC is a commercial real estate investment and management company focused on acquiring and managing value-add investments throughout the Western United States. Headquartered in Encinitas, Calif., Tower 16 was founded in 2017 by principals Mike Farley and Tyler Pruett who have over 45 years of combined institutional real estate experience with an emphasis on value-add investing. Since 2017, the Company has acquired close to 6,800 units representing $1.2 billion of assets under management.

Tower 16 Capital Partners has sold Loramont on Thomas Apartments, a 180-unit multifamily project in Phoenix, AZ for $32.1 million. The property was purchased by Tower 16 in December 2019 for $11.7 Million in an off-market transaction. The new buyer is planning to further improve the property during its ownership.

“We made significant improvements to the Loramont on Thomas project during our ownership,” said Tower 16 Co-Founder Mike Farley. “That allowed us to achieve our business plan very quickly. Despite this sale, we plan on re-investing in multifamily properties throughout the Phoenix market over the next several years as we continue to see a positive supply/demand relationship in the region.”

Loramont on Thomas Apartments is a 180-unit apartment community located at 4903 W. Thomas Road in Phoenix. The property is in the Maryvale submarket of Maricopa County, less than eight miles from downtown Phoenix. This location is conveniently located near the I-10 the I-60 and the I-17 freeways, allowing quick access to downtown Phoenix and other parts of Maricopa County.

The project was built in 1977 and consists of 14 buildings situated on 4.08 acres. Common area amenities include gated access, three pools, laundry facilities, a central park, barbeques, a playground and dog park. The project is comprised of both studio and one-bedroom units including fully equipped kitchens with stove/ovens, refrigerators, ceiling fans, central heating and air conditioning. Tower 16 spent over $2.5 million in renovations and upgrades to the property during its ownership.

“Loramont on Thomas proved to be a great project for not only Tower 16 but for our investors and, most importantly, our residents of the community,” said Tower 16 Co-Founder Tyler Pruett. “Further, I believe the property will only continue to improve under the new ownership.”

Real estate brokers Ric Holway and Dan Cheyne of Berkadia Phoenix advised the Tower 16 on the sale.

Tower 16 Capital Partners, LLC is a commercial real estate investment and management company focused on acquiring and managing value-add investments throughout the Western United States. Headquartered in Encinitas, Calif., Tower 16 was founded in 2017 by principals Mike Farley and Tyler Pruett who have over 45 years of combined institutional real estate experience with an emphasis on value-add investing. Since 2017, the Company has acquired over 6,500 units representing $1 billion of assets under management.  

Tower 16 Capital Partners (“Tower 16”) has acquired Nottinghill Apartments, a 322-unit multifamily property in Tucson, AZ in an off-market transaction for $35.5 million.

Nottinghill is Tower 16’s third investment in Tucson since entering the market in late 2020.  The San Diego-based multifamily investment firm has identified Tucson as one of its primary target markets and with the acquisition of Nottinghill, Tower 16 is now halfway to its goal of building a local portfolio of 1,500 units by the end of 2023. 

Nottinghill Apartments is located at 2660 N Alvernon Way in Tucson, Arizona. The property includes a leasing office, clubhouse, and four pools. The property is located at the intersection of E. Flower Street and N. Alvernon Way near the Tucson Medical Center and within minutes of the I-10 freeway, Downtown Tucson and the University of Arizona campus.

Tower 16 will be overseeing more than $8 million in upgrades and renovations at the property including modernized unit upgrades, exterior and common area improvements and landscaping enhancements. In addition to updating the pool area, Tower 16 also will be adding outdoor amenities including, barbeques, seating and gaming areas.

“The property was owned and self-managed by the seller for nearly 20 years and is almost entirely in classic condition, leaving us with significant opportunity for renovations,” said Tower 16 Co-Founder Tyler Pruett.  “We believe we can significantly improve the quality of the residential experience at Nottinghill and continue to play a role in the transformation of the Oak Flower neighborhood, which began with our acquisition of La Mirada apartments.”

Since its founding in 2017, Tower 16 has made similar moves in markets throughout the West, having acquired over 6,500 units in California, Las Vegas, Phoenix, Albuquerque and Denver. The company seeks markets with increasing demand for workforce housing driven by job growth and in-migration but with relatively low levels of new supply. 

Tower 16 was represented by Brett Polachek and Chris Canter of Newmark Knight Frank’s Phoenix office. Way Capital helped secure debt financing for Tower 16, led by Malcolm Davies, Zack Streit, Drew Sandler, and Alex Rossinsky.

Commercial Real Estate Investment Firm Has Acquired Six Properties in Its Continuing Inland Empire Expansion 

August 4, 2021 —San Diego-based Tower 16 Capital Partners has acquired a two-property multifamily portfolio consisting of 504 units in Moreno Valley, Calif., for $107.2 million. The Sienna Pointe Apartments project consists of 384 units built in 1985 while the Heacock Park Apartments includes 120 units built in 1971. The properties were acquired from a private seller in an off-market transaction.

“This acquisition marks our fifth and sixth properties acquired in the Inland Empire market and is another important step in our strategic growth in the market,” said Tower 16 Co-Founder Tyler Pruett. “We are still very bullish on the Inland Empire market fundamentals given the strong job and population growth coming out of the pandemic.”

Since its founding in 2017, Tower 16 has made similar moves into markets throughout the West, having acquired over 4,600 units in California, Las Vegas, Phoenix, Tucson and Denver. The company seeks markets with increasing demand for workforce housing driven by job growth and in-migration but with relatively low levels of new supply. According to company executives, Tower 16 intends to build a portfolio of over 2,000 units in the Inland Empire market over the next several years.

Sienna Pointe Apartments is located at 13933 Chagall Court in Moreno Valley, Calif. The property includes a leasing office, clubhouse, playground and three pools. Heacock Park Apartments is located at 13325 Heacock Street in Moreno Valley, Calif. The property boasts covered parking, a playground, laundry facilities and a pool with spa. Both properties are located within minutes of the I-215 and CA-60 freeways with close proximity to the Centerpointe Industrial Area, March Air Reserve Base, Moreno Valley Mall as well as several large distribution centers along the I-215 corridor.

Tower 16 will be overseeing close to $10 million in upgrades and renovations at both properties including modernized unit upgrades, new clubhouses, gyms and updated pool areas. The company will also be adding outdoor amenities including barbeques, seating and outdoor gaming areas.

“Both of these properties are essentially untouched and have tremendous opportunity for transformation,” said Tower 16 Co-Founder Mike Farley. “Upon renovation, both properties will still be considered affordable for the residents of Moreno Valley.”

Tower 16 was represented by Brian Nelson of Colliers International alongside Nicole Parrish of Centurion Realty.