RENO, NV – San Diego-based Tower 16 Capital Partners has successfully bought The Deco at Victorian Square, a 209-unit multifamily property located in the Reno, Nevada market. The project was built in 2021 and bought 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 re pursuing opportunities in Western growth markets to buy 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 that in-migration from more expensive markets will continue, driven by increasing job opportunities, low cost of living and attractive lifestyle amenities.
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 with strong rental housing fundamentals including employment growth, in-migration and a limited new supply of housing. Tower 16 is aggressively targeting 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-tale, podium-style multifamily community with a mix of studio, 1- and 2-bedroom apartments averaging 731 square feet. The downtown property is adjacent to the I-80 freeway close to the Tahoe Reno Industrial Center, Downtown Reno, several large hospital systems, as well as outdoor lifestyle amenities.
The Deco has performed very well and FPI Management has done a phenomenal job managing the final stages of lease-up, getting the property to 97% occupancy during escrow, said Tower 16 Co-Founder Mike Farley. The property is extremely well-built, and we plot to take it to the next level by enhancing the overall tenant experience.
Tower 16 will complete nearly $1 million in upgrades including common areas and fitness center upgrades and landscaping enhancements. The company will also add outdoor amenities including barbeques, seating and gathering areas.
We have been waiting for the right re-entry point in the Reno market and are grateful to Eastdil for the acquisition opportunity and their help securing debt financing in a turbulent capital-raising environment, said Tower 16 Director of Acquisitions Dave McClain. The Tower 16 team is keen to do the business plot with our brilliant 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.

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DALLAS, TX – Mill Creek Residential, a leading developer and operator specializing in premier rental communities across the U.S., announced the start of preleasing at Modera Trinity, a luxury mixed-use apartment community uniquely positioned along the west levee of the Trinity River.
The seven-tale community, which features 204 apartment homes and 4,000 square feet of ground-floor retail space on a formerly vacant industrial site, is uniquely designed with a lifted podium aesthetic that elevates the building’s amenities and most apartment homes above the levee. The community offers unobstructed, panoramic views of the iconic Dallas skyline, its two signature Calatrava bridges and the city’s most expansive naturalized greenbelt. First go-ins are anticipated for March.
“The neighborhood possesses a refined industrial spirit and is rapidly becoming one of the most desirable places to live in Dallas,” said Michael Blackwell, senior managing director of development in North Texas for Mill Creek Residential. “We are keen to join the neighborhood with a unique offering that might be as attractive to empty nesters and downsizers as it is to more conventional residents choosing the luxury and convenience of renting so close to where they work and play. Modera Trinity features larger floorplans, more expansive views and more convenient access to trails and open space than have been available in this section of the city, and we believe it will quickly become a highly sought-after living option.”
Situated at 2350 N Beckley Avenue, the triangular community veers towards the Trinity Skyline Trailhead and a future park, which will provide residents with a trail-oriented, nature-focused experience. Modera Trinity puts residents within close proximity of Downtown, Uptown, the Design District and the additional nearby shopping, dining and cultural attractions contained within Trinity Groves, Sylvan Thirty and Bishop Arts. Immediate surrounding attractions include White Rock Brewing Co., Manhattan Project, CiboDivino Centro, Houndstooth Coffee and Taco Deli.
Modera Trinity consists of spacious studio, one-, two- and three-bedroom apartment homes with den layouts available and an average size of 1,056 square feet. With the exception of six walk-up townhomes along Beckley Avenue, homes start at 30 feet off the ground, which makes an elevated view in all directions.
Community amenities include a 24-hour club-quality fitness studio, hotel-like lobby, onsite retail, bike storage, pet spa, secured garage and EV charging stations on the first two levels. The third-floor amenity level, intentionally set at the height of the levee, includes a resident clubhouse with co-working spaces, coffee bar, catering kitchen, conference room and multiple lounge areas that lead out to an expansive amenity deck. The deck opens toward the river, bridges and skyline with a resort-style pool, grilling area, outdoor kitchen and dining, lounge seating, fire pit and a glass rail to maximize the views. At the top of the building is The Solarium, a greenery-draped community room which includes lounge seating, TVs, a private dining space and an outdoor terrace.
Apartment homes will be delivered with nine- and 10-foot ceilings, expansive living rooms and kitchens, walk-in closets and numerous floor plans designed for hybrid workers. Interior finishes include stainless steel appliances, 42-inch soft-close cabinetry with accent lighting, quartz countertops, sleek tile backsplashes, dine-in kitchen islands, built-in desks and shelves, mudrooms and smart features such as turnkey WiFi, smart thermostats and keyless entry. In most homes, bathrooms feature soaking tubs, double vanities, tile shower surrounds and linen closets.

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GARLAND, TX – Wood Partners, a leading national multifamily real estate developer, announced the official grand opening of its newest luxury residential community, Alta Firewheel, situated in Garland, Texas. Alta Firewheel is Wood Partners’ second project in the Garland submarket, following the successful opening and sale of Alta Spring Creek in 2021.
Nestled near the President George Bush Tollway, Alta Firewheel offers residents a seamless commute to major employment centers and vibrant retail districts. The community provides direct access to an abundance of dining, shopping, and entertainment options at Firewheel Town Center, an expansive retail space exceeding one million square feet—all within walking distance of the community. Set amid attractions such as Lake Ray Hubbard, Firewheel Golf Park, Breckinridge Park, and One Eleven Ranch Park, Alta Firewheel offers a lifestyle of convenience and leisure. Additionally, we’re conveniently positioned close to several of Garland’s hike and bike trails, including the Rowlett Creek Preserve Trail.
Aside from the outstanding retail and dining choices just minutes away, Alta Firewheel’s prime location positions residents near the city’s top employment centers—City Line and the Telecom Corridor. Major employers in the vicinity include State Farm Insurance, Blue Cross & Blue Shield of Texas, Genpact, GEICO, and Cisco Systems.
“We are thrilled to mark a significant milestone in our commitment to the North Texas community with the grand opening of Alta Firewheel,” said Ryan Miller, Managing Director for Wood Partners. “Alta Firewheel is not just a residential community; it’s a dynamic space tailored for young professionals keen to establish roots and learn the richness of Garland, and we are very excited to continue playing a part in what makes the city of Garland so fantastic.”
Alta Firewheel offers 250 luxury apartment homes featuring a mix of studios, one-, two-, and three-bedroom floor plans, with a focus on sophisticated living. Each home is meticulously designed with premium interior finishes and luxury touches, such as granite countertops, stainless steel appliances, wood-style flooring, upgraded fixtures and pendant lighting, as well as 42-inch, soft-close cabinets. Additional features sure to wow residents include programmable thermostats, private yards, and the convenience of in-unit washer and dryers.
Alta Firewheel provides a wealth of best-in-class community amenities to its residents, making an unparalleled living experience. Dive into luxury at our resort-style pool, complete with tanning ledges, outdoor firepits, grilling areas, and an on-site dog park featuring a convenient pet wash station—all overlooked by an elevated clubhouse patio. Inside the clubhouse, learn a state-of-the-art fitness facility and inviting lounge spaces for socializing and coworking. Every detail at Alta Firewheel is designed to elevate your lifestyle. Welcome to luxury living with unmatched convenience.

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