Seagate Properties has sold the 220-unit Northtowne Summit in Reno, Nev., for $66 million. The buyer was Kennedy-Wilson Fund VI, a commingled fund managed by Kennedy Wilson. Berkadia worked on behalf of both parties to close the deal.
Built in 1997, the community last changed hands in 2017, when Seagate Properties bought it for $34.2 million, according to Yardi Matrix. The property comprises one- and two-bedroom floorplans ranging from 787 to 1,107 square feet. Each unit has a balcony or patio, washers and dryers and air conditioning. Amenities include a fitness center, spa, clubhouse, pool and business center.
Located at 2777 Northtowne Lane, the property is adjacent to Martin Luther King Jr. Memorial Highway. Several dining, retail and entertainment options are in the immediate area, including a grocery-anchored shopping center on the northern edge of the community as well as the North McCarran Boulevard retail corridor. Downtown Reno is 3 miles southwest and the University of Nevada, Reno is 3 miles west.
The buyer acquired the asset off-market and plans to implement an extensive capital improvement program, Jared Glover, director at Berkadia Las Vegas, said in prepared remarks. He added that Reno’s multifamily market is going strong, bolstered by economic diversification alongside record population growth during the past decade.