RENO, Nev., March 5, 2018 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) announces the sale of Horizons at South Meadows, a 344-unit multifamily asset in Reno, Nevada. The property sold free and clear of existing debt.
“Horizons at South Meadows is a high-quality multifamily asset with a value-add component and a prime South Reno location in one of the region’s most desirable neighborhoods,” says Kenneth N. Blomsterberg, senior vice president investments. “The property is poised for future growth following the recent expansion of major companies into the region such as Tesla, Apple, Google and Switch Digital. Since 2012, more than 30,000 jobs have been added to the Reno metro area and only 8,600 building permits have been issued for single-family homes and apartments. This trend is likely to continue with an additional 30,000 jobs expected to be added to the local economy by the end of the decade,” Blomsterberg concludes.
Blomsterberg and Ryan Rife, senior associate, worked in collaboration with IPA to represent the seller, Apartment Investments LLC, and procure the buyer, a private real estate investment firm.
“In addition to the current loss-to-lease recapture potential, one of the most compelling attributes of the Horizons at South Meadows offering was the opportunity to add value with cosmetic enhancements to the unit interiors,” notes Rife.
Constructed in 2005, Horizons at South Meadows is located on nearly 20 acres at 9350 Double R Blvd. in Reno, within walking distance of one of the area’s largest employers, International Game Technology. The location is close to interstates 80 and 580 and Northern Nevada’s largest regional malls, Meadowood Mall and Summit Reno Mall. Lake Tahoe and the Sierra Nevada Mountains are within a 30-minute drive and the Reno-Tahoe International Airport is just a 15-minute drive from the apartment complex.