|
|
7/18/25
|
LEV Apartments, a 129-unit student housing property in Reno, NV, was purchased for $14 mil ($108.5k/unit) by a private real estate investment firm from Sacramento. The 43k sf property consists of seven buildings across 2.6 acres of land located at 1617 North Virgina St, with immediate proximity to the University of Nevada, Reno.
The complex contains all studio/one-bath units aside from a single one-bedroom/one-bath apartment. Equipped with shared kitchen areas, LEV was 98% occupied at the time of the sale. Originally built by the Saltern family in 1980, LEV is situated in a semi-private, quaint community with large pine trees and lush landscaping.
Ben Nelson, CCIM with Kidder Mathews represented both parties in the deal. The seller was a student housing developer by trade and intends to continue to develop in other markets.
“We marketed this asset to nearly 21,000 potential buyers nationwide. Despite headwinds from cap rate expansion and financing challenges, interest remained strong,” said Nelson. “What ultimately made the property compelling for the buyer was its location directly next to the University, the private studio-style units, and the clear opportunity to enhance value through upgrades.”
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate
