PCCP, LLC has provided a $59.3 million senior loan to LDK Ventures for the acquisition of Integra Peaks at Damonte Ranch, a partially complete, 300-unit, Class A garden-style apartment community in Reno, Nevada. Located at 875 Damonte Ranch Parkway, the property is approximately 75 percent complete, with final completion anticipated for late March 2023.
“LDK Ventures is a long-standing PCCP relationship, and this loan marks our seventh transaction with the firm across both our debt and equity platforms,” said Dorian Farhang, Senior Vice President with PCCP. “Integra Peaks is poised to be one of the premier Class A apartment communities in the South Reno submarket, and we believe that Reno’s projected population and employment growth should result in sustained renter demand at the property.”
Integra Peaks consists of five, four-story, elevator-served residential buildings and ten, two-story, carriage style buildings. The unit interiors will feature top-of-the-line finishes such as vinyl plank flooring, vaulted ceilings on fourth floor units, island kitchens, high-end energy efficient appliances, tiled showers and baths, LED lighting, and private balconies with panoramic mountain views. On-site amenities include an expansive standalone clubhouse featuring a state-of-the-art fitness facility with separate yoga and spin rooms, a cybercafé, a resort-style pool, cabanas, outdoor firepits, and a dog park.
The property is well-located off Interstate 580, which provides residents convenient access to Downtown Reno, Sparks, Carson City, and Lake Tahoe. The property benefits from proximity to shopping centers, public parks, schools, and entertainment options in the immediate area. Additionally, the property is located within the Damonte Ranch Master Planned Community, which covers 2,000 acres and includes multiple for-sale housing communities, retail centers, restaurants, schools, open space, parks, and hiking trails.
Reno’s workforce has grown significantly over the past few years as companies such as Tesla, Google, Panasonic, and Apple have expanded into the market, bringing high paying jobs into the area. The population within a three-mile radius of the property is expected to grow by nearly 13 percent over the next five years as prominent employers and individuals continue to relocate to Reno due to the high quality of life and relative affordability it offers.
