NV Affordable Community Sells for $35M
A New York City-based firm acquired the 332-unit Southwest Village property from PacifiCap Properties. The asset last changed ownership in 2006.
PacifiCap Properties has sold Southwest Village in Reno, Nev., for $35.4 million, or $106,476 per unit, to a New York City-based firm. The company initially acquired the 332-unit community in 2006 for $19.8 million, according to Yardi Matrix. Marcus & Millichap brokered the sale on behalf of PacifiCap.
Southwest Village is located at 3295 S. Virginia St., just under 3 miles from downtown Reno. The 1972-built community encompasses 14 buildings and is fully affordable, falling into the LIHTC bracket. The unit mix at Southwest Village comprises 138 one-bedroom, 178 two-bedroom and 16 three-bedroom units, averaging 852 square feet. Common-area amenities at include:
- fitness center
- 2 swimming pools
- laundry facilities
- 500 parking spaces
The community is situated in a high-density area, with multiple points of interest spread along the Carson-Reno Highway, including bars, restaurants and shopping malls. Major nearby thoroughfares include Interstate 580 and McCarran Boulevard. Other nearby points of interest include several employment centers, schools and the University of Nevada, Reno and the Reno-Tahoe International Airport.
Image courtesy of Yardi Matrix