|
|
8/16/12
|
A three-property, 293-unit Section 42 Low Income Housing Tax Credit (LIHTC) portfolio in Reno sold for $9.3 mil ($31.7k/unit). Combined, the properties -- Skyline, Skyview and Southridge -- encompass a total of 233.5k sf of space.
The portfolio features 44 studios, 58 one-bedroom/one-bath units, 100 two-bedroom/one-bath units, 16 two-bedroom/two-bath apartments and 75 three-bedroom two-bath apartment homes.
Robert Sheppard, an executive vice president investments and national director of the Tax Credit Group of Marcus & Millichap; Kenneth Blomsterberg, a first vice president investments in Marcus & Millichap’s Sacramento office; and Armand Tiberio and Spencer Hurst, both senior directors of the Tax Credit Group, represented the seller and the buyer. Blomsterberg was Marcus & Millichap’s broker of record in Nevada.
“Both Skyline and Skyview were constructed in 1994 under the Section 42 LIHTC program and have extended use restrictions in place until December 31, 2023,” adds Blomsterberg. “Southridge was constructed in 1995 under the Section 42 LIHTC program and has extended use restrictions in place until December 31, 2045.”
All three properties are located on Sky Valley Dr on a hilltop in Reno with unobstructed views of the Sierra Nevada mountain range. Downtown Reno is minutes away and Interstate 80, U.S. Route 395, the Reno/Tahoe International Airport and public transportation are nearby.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
