Reno Apartments Sell for $76M

Vista Ridge came online in 1996.

Vista Ridge Apartments

Vista Ridge Apartments. Image courtesy of Yardi Matrix

A joint venture between Tilden Properties and IDEAL Capital Group has acquired Vista Ridge Apartments, a 324-unit multifamily community in Reno, Nev., for $76 million. The seller was a private individual who purchased the asset in 2004 for $22.8 million, according to Yardi Matrix data. In 2018, the property became subject to a 30-year, $25.3 million Fannie Mae loan, the same data provider shows. Marcus & Millichap brokered the transaction.

Completed in 1996, the community comprises 14 two- and three-story buildings which incorporate one-, two- and three-bedroom floorplans ranging from 659 to 1,107 square feet. All apartments feature vaulted ceilings and in-unit washers and dryers. Common-area amenities include a fitness center, clubhouse, swimming pool, spa, playground and sports courts, along with 625 parking spaces.

Located at 1675 Sky Mountain Drive, the property is off Interstate 80 and roughly 3 miles west of downtown Reno. It is also some 8 miles from Reno-Tahoe International Airport and 5 miles from the University of Nevada. Residents have access to various retail and dining options along the nearby North McCarran Boulevard.

Marcus & Millichap First Vice President Ryan Rife, Senior Managing Director Kenneth Blomsterberg and Senior Associate Daniel Winrod represented the seller and procured the buyers. In prepared remarks, Blomsterberg stated that demand in the area is slated to remain positive, citing financial commitments from Tesla and Redwood Materials. Last year, the same team was involved in the $303 million sale of a Nevada portfolio totaling more than 1,000 units.

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