Northland Investment Corp. has entered the Nevada market. The investor has acquired Lumina at Spanish Springs, a 330-unit apartment complex in the Reno-Sparks area after tracking the market for several years. The property is a new-construction garden-style community that had a healthy leasing activity through the pandemic.

"We have been tracking the Nevada market for several years now. Most major cities in Nevada are very tax-friendly and it has a low cost of living, so we have seen a lot of inward migration," Mike Campbell, associate VP of investments at Northland, tells GlobeSt.com. "We identified Nevada several years ago as target market. We have had some swings and misses, but this was an opportunity for us to get a foothold with brand new class-A garden product that really checks all of the boxes for us."

Lumina at Spanish Springs is a typical investment for the firm, which targets strong suburban locations in the Sunbelt region. Currently, 50% of the firm's portfolio is located in the Sunbelt region. "It really fit our strengths and competencies as well as our future goals to continue in this space," adds Campbell.