Southern Calif. firm buys Las Vegas complex for almost $50M

Tower 16 Capital Partners acquired the 540-unit Cornerstone Crossing apartment complex in Las Vegas, seen above, for $49.75 million in a joint venture with Henley USA. (Anton Communications)

Tower 16 Capital Partners acquired the 540-unit Cornerstone Crossing apartment complex in Las Vegas, seen above, for $49.75 million in a joint venture with Henley USA. (Anton Communications)

A Southern California investment firm bought another Las Vegas apartment complex for almost $50 million.

Tower 16 Capital Partners announced this week that it acquired the 540-unit Cornerstone Crossing for $49.75 million in a joint venture with Henley USA.

The complex, 6666 W. Washington Ave. at Rainbow Boulevard, was built in 1984 and features three pools and spas, basketball courts and other amenities, the announcement said.

Tower 16, led by co-founders Mike Farley and Tyler Pruett, said it will oversee $6.5 million in renovations and upgrades to the property.

The Carlsbad, California-based company said it has acquired 1,280 units in Las Vegas this year.

Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. Follow @eli_segall on Twitter.