|
|
3/08/16
|
A joint venture between Sunroad Enterprises, Security Properties and Loma Linda University has acquired Bristol Bay, a 97 percent occupied, Class A, 264-unit apartment complex located in the Sparks submarket of Reno, NV.
Located at 5200 Los Altos Parkway, Bristol Bay includes 33 two-story buildings containing 264 units with a mix of one-, two- and three-bedroom layouts, averaging 922k sf in size. The new ownership plans on adding value to the asset by completing common area and interior unit renovations. Common area improvements will include the clubhouse, pool area and landscaping, while the units will receive new appliances, flooring, and countertops.
The transaction was funded with a $28.2 mil senior loan arranged by Tim Wright, Aldon Cole, and Akhil Israni of HFF and provided by PCCP LLC. The loan includes funds for renovation work to the property.
“PCCP’s loan will enable Sunroad Enterprises and Security Properties to move forward on a solid business strategy that will enhance this quality property and capitalize on the Reno area’s demand for rental housing,” said Erik Flynn, managing director with PCCP. “This demand is exemplified by decreasing vacancies and rents that have increased about 6 percent over the last 12 months in this market.”
The property is well located with nearby shopping and amenities as well as easy access to I-80. The Reno economy has benefitted from several large employers relocating and expanding in the region. The apartment market has seen vacancy rates drop below 5 percent with strong rent growth over the past year. The projections for population and employment growth are expected to drive continued demand for quality apartments in Reno.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
