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6/06/14
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In a recent institutional apartment buy in Reno, NV, RPM Co has purchased The Alexander at South Virginia, a luxury multifamily property set against the spectacular backdrop of the Sierra Nevada with unobstructed views of Mount Rose. The 350-unit asset was sold by AG Spanos for $55.3 mil ($158k/unit).
Completed in 2009, The Alexander at South Virginia is located on more than 15 acres at 11380 South Virginia Road in Reno. The gated community features direct-access garages; a state-of-the-art fitness center with dry-heat sauna and tanning bed; a resort-style swimming pool and spa with fountains; a contemporary, well-designed, luxury clubhouse with lounge, designer kitchen and a fully equipped media room with movie theater; an executive business center; a billiards room, and concierge services.
Interiors average just over 1k sf in size and offer a diverse mix of well-designed and amenitized floor plans that feature gourmet kitchens with breakfast bars, in-unit laundry, private terraces, nine-foot ceilings with crown moldings, fireplaces, wood cabinets and granite countertops.
IPA executive vice president investments Stanford Jones and IPA vice presidents investments Philip Saglimbeni and Salvatore Saglimbeni advised the seller in the transaction. Kenneth N. Blomsterberg, first vice president investments in Marcus & Millichap’s Reno office and winner of the 2013 Reno Summit Multi-Family Broker of the Year award, also provided representation. Jones, Philip Saglimbeni, Salvatore Saglimbeni and Blomsterberg also advised the buyer.
“The investment appeal of this asset is driven by stable operations, a favorable yield, free and clear delivery and embedded upside through loss-to-lease capture,” says Jones. “Supply-constraints in the Reno market and strong demand for apartment living should continue to place upward pressure on rents.”
“This is RPM Co.’s second acquisition in the Reno apartment market,” adds Blomsterberg. “The company acquired The View Apartments in September 2012.”
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