Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Vista Ridge Apartments, a 324-unit multifamily asset in Reno, Nevada. The property sold for $76 million.
“The buyer obtained a new loan, and the asset is judged to be a ‘value add’ opportunity,” said Kenneth Blomsterberg, senior managing director investments. “The outlook for apartment demand in the Reno-Tahoe area remains positive as Tesla and Redwood Materials have made large commitments at the Tahoe-Reno Industrial Center that will draw workers who are traditionally part of the renter cohort.” Blomsterberg, Ryan Rife, first vice president, and Daniel Winrod, senior associate, all in Marcus & Millichap’s Reno office, represented the seller, Arthur Vista Ridge LLC, and procured the buyer, Tilden Properties and IDEAL Capital Group. “This is the third large apartment asset sale we have closed in Reno and Sparks with these buyers in the last 10 months,” said Rife.
Located in Northwest Reno, Vista Ridge Apartments is accessible from Interstate 80 and Nevada State Route 659. Downtown Reno, the University of Nevada and Reno-Tahoe International Airport are within a short drive. Shopping is close by at Peavine Plaza, Monte Vista Village, and Ridgeview Plaza.
“Recent economic conditions created challenges to the completion of the sale, but the buyer and seller worked through the turbulence to achieve their goals,” added Winrod.
Built in 1996 on 19 acres, the controlled-access property has fitness and business centers, a swimming pool, and tennis and basketball courts. The unit mix is all one-, two- and three-bedroom apartments. Units have vaulted ceilings, and washers and dryers. The average unit size is 820 square feet.
