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11/30/21
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The Bascom Group has acquired Sierra Point Apartments in the Reno, NV metro area for $31 mil in an off-market transaction. Built in 1996 and 1998, the 147-unit ($210.9k/unit), garden-style multifamily community consists of 84% two-bedroom floorplans.
Sierra Point is located adjacent to the $200 mil Hug High School Development that is planned to open this August. The apartment community offers residents convenient access to entertainment, shopping, dining, and major employment centers throughout the Reno MSA.
The seller had performed limited improvements, and the property has not been addressed with a comprehensive renovation plan since it was developed in the late 1990’s. Bascom intends to renovate unit interiors with new countertops and appliances, wood plank flooring, backsplashes, new baseboards, cabinetry improvements, new fixtures and lighting, and a new two-tone paint scheme. In addition, the company will be adding a dog park, tot lot, and outdoor barbeque and recreational area.
Reno is the third largest city in Nevada and enjoys a location central to several major western U.S. cities including San Francisco, Portland, Salt Lake City, Las Vegas, and Los Angeles. Known as “The Biggest Little City in the World”, Reno has enjoyed a robust population and economic expansion in recent years due to its affordability, pro-business attitude, and high-quality of life. In 2020, Reno was ranked #1 in America’s Best Small Cities for its natural assets and growing infrastructure.
Since 2011, Reno metro’s population increased 26.9%, nearly triple the national growth of 6.7%. Driving migration to the region are residents fleeing high cost-of-living markets like the Bay Area and Los Angeles. In addition, the presence of tech in Reno has increased dramatically, highlighted by Google’s recent $600 mil data center investment and Tesla’s Gigafactory, increasing its employment projections from 6,500 people to 10,000.
Financing for the acquisition was provided by LoanCore and was arranged by Charles Halladay, Jamie Kline, and Annie Rice at JLL Capital Markets. Property management will be provided by AMC Management Services and construction management will be provided by SD Cap Construction Management.
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