Reno Multifamily Portfolio Trades for $302M

RENO, NV – An eight-asset, 1,077-unit multifamily portfolio in Reno, NV has traded for $302.5 million. The purchase price equates to $280,872 per unit.

Encompassing properties that were built between 1958 and 2021, the ERGS portfolio includes the 352-unit North Peak Apartments, the 352-unit Silver Lake Apartments, the 232-unit Sierra Sage Apartments, the 40-unit Vale Apartments, the 16-unit Vale Townhomes, the 30-unit Peavine Peaks, the 7-unit Oak Manor and the 8-unit, Angel Street Apartments.

Marcus & Millichap closed the sale. The firm’s senior managing director of investments Kenneth Blomsterberg, first VP of investments Ryan Rife and associate Daniel Winrod represented the seller and procured the buyer.

“The bulk of the ERGS portfolio is located within the North Valleys submarket, which is the second-fastest employment location in Northern Nevada,” says Winrod.

In the region, employers such as Tesla, Apple, Google, Amazon, Blockchain LLC, Switch and Panasonic have provided thousands of new jobs. The ERGS portfolio is located near the TRI Center, which many of these companies are located within. Additionally, Truckee Meadows Community College and the University of Nevada, Reno are situated nearby.

“Over the past five years, the Reno-Sparks region has experienced a rapidly evolving landscape of business development and employment opportunities, and this trend is projected to continue,” says Rife.

“With this purchase, the buyer establishes a strong presence in Reno’s multifamily market,” states Blomsterberg. “The tremendous upside potential that can be captured through value-add renovations across the majority of the assets in the portfolio, along with the high-value major employers that can be found in the Tahoe-Reno Industrial Center, made for an extremely attractive acquisition.”