Nitya Capital Pays $36M for Las Vegas Community

The recently renovated, 228-unit community last changed hands in 2018 for $24 million.
Altura on Duneville. Image courtesy of Tower 16 Capital Partners

A joint venture between Tower 16 Capital Partners and Henley Investments has sold Altura on Duneville, a 228-unit community in Las Vegas, for $35.5 million. The Bancorp Bank provided financing to buyer Nitya Capital, according to public records. The seller had acquired the property in 2018 for $24 million from a local private investor, according to Yardi Matrix.

Located on 9 acres at 5050 Duneville St., the 25-building community opened its doors in 1986. The property has one- and two-bedroom floorplans as well as amenities including two laundry facilities, two swimming pools and an on-site daycare center. The seller renovated the property during its two years of ownership, completing comprehensive interior and exterior upgrades and adding a fitness center and game room. The asset is 4 miles of the Strip and close to several dining and shopping options.

In December, Nitya Capital partnered with Tema Development to build Two Hermann Place, a 295-unit luxury community near downtown Houston. The project is slated for completion in 2022.