Marcus & Millichap Closes Eight-Asset Reno Multifamily Portfolio Sale for $302 Million
April 04 2022 - 5:30PM
Business Wire
Marcus & Millichap (NYSE: MMI), a leading commercial real
estate brokerage firm specializing in investment sales, financing,
research and advisory services, announced the sale of The ERGS
Portfolio, a six-property multifamily portfolio spanning a total of
1,077 units across eight assets. The portfolio traded for $302.5
million, or $280,872 per unit.
“With this purchase, the buyer establishes a strong presence in
Reno’s multifamily market,” said Kenneth Blomsterberg, senior
managing director investments in Marcus & Millichap’s Reno
office. “The tremendous upside potential that can be captured
through value-add renovations across the majority of the assets in
the portfolio, along with the high-value major employers that can
be found in the Tahoe-Reno Industrial Center (TRI Center), made for
an extremely attractive acquisition.” Blomsterberg, Ryan Rife and
Daniel Winrod represented the seller and procured the buyer. “Over
the past five years, the Reno-Sparks region has experienced a
rapidly evolving landscape of business development and employment
opportunities, and this trend is projected to continue,” added
Rife. “Tesla, Apple, Google, Amazon, Blockchain LLC, Switch, and
Panasonic are only a few of the major employers that have brought
thousands of new jobs to the region. Many of these companies are in
the TRI Center, the nation’s largest industrial park, located just
a short drive from the ERGS Portfolio.”
Built between 1958 and 2021, the assets are:
- North Peak Apartments, 352 units
- Silver Lake Apartments, 352 units
- Sierra Sage Apartments, 232 units
- Vale Apartments, 40 units
- Vale Townhomes, 16 units
- Peavine Peaks, 30 units
- Oak Manor, 47 units
- Angel Street Apartments, 8 units
“The bulk of the ERGS Portfolio is located in the North Valleys
submarket, which is the second-fastest growing employment location
in Northern Nevada,” said Winrod. Truckee Meadows Community College
is located less than five minutes from the ERGS Portfolio, and the
University of Nevada, Reno is nearby. Lake Tahoe, the Black Rock
Desert, and North Valleys Regional Park are within a short
drive.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm
specializing in commercial real estate investment sales, financing,
research and advisory services with offices throughout the United
States and Canada. As of December 31, 2021, the company had 1,994
investment sales and financing professionals in 82 offices who
provide investment brokerage and financing services to sellers and
buyers of commercial real estate. The company also offers market
research, consulting and advisory services to clients. Marcus &
Millichap closed 13,255 transactions in 2021, with a sales volume
of approximately $84.4 billion. For additional information, please
visit www.MarcusMillichap.com.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220404006014/en/
Gina Relva, VP of Public Relations
Gina.Relva@marcusmillichap.com 510-999-1284
Marcus and Millichap (NYSE:MMI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Marcus and Millichap (NYSE:MMI)
Historical Stock Chart
From Jul 2023 to Jul 2024