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10/13/20
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Silver Ridge Apartments, a 300-unit residential community in West Reno, was acquired for $64 mil ($213.3k/unit) by a partnership between California-based multifamily investors, IDEAL Capital Group and Tilden Properties. We’re told that the sale represents one of the largest value-add opportunities to trade in the Reno-Sparks market in the past decade and the first time in a generation that the property has been sold.
Originally constructed in 1990, Silver Ridge offers a mix of one-bedroom, two-bedroom and three-bedroom townhouse units averaging approximately 1k sf in size. Located at 1555 Sky Valley Rd, the property contains 295.8k sf of space spread out over 20 acres. The garden-style multifamily asset offers low-density living with immediate proximity to downtown Reno and has entitlements in place to allow for an additional 70 units to be constructed within the existing site-plan.
Kalah Espinoza and Melissa Molyneaux with Colliers with Colliers International represented the private seller and procured the institutional buyers in the transaction.
According to Kevin Conway with IDEAL Capital, the asset is viewed as a value-add opportunity and the buyers intend to invest $7.3 mil in renovations. This will include rehabilitating the unit interiors, adding new common-area amenities and repurposing certain underutilized facilities.
Reno’s resurgence has been driven by technology and manufacturing companies that have either expanded or entered into the market. Technology giants Apple, Google and Tesla have invested billions of dollars into the region, dramatically influencing its growth trajectory. Reno and the surrounding areas provide a lower cost of living, multiple tax advantages and impressive technology infrastructure, making it attractive to both businesses and employees. The area’s employment diversity has helped to greatly minimize COVID-related delinquency, maintain occupancy and create overall market stability.
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