Northwind multifamily property in Reno sells for $40 million

LAS VEGAS — Berkadia — a joint commercial real estate company of Berkshire Hathaway and Jefferies Financial Group — announced last week the sales of Cameron Apartments and Northwind, two garden-style multifamily properties totaling 502-units in Nevada.

Managing Director Brian Anderson and Associate Director Jared Glover of Berkadia’s Las Vegas office completed both sales on behalf of their respective sellers, according to a Sept. 9 press release.

Northwind is a 185-unit property located at 1680 Sky Mountain Drive in Reno. The property was sold for $40 million to Oregon-based Kinsel Ameri Properties; the seller was Washington-based American Capital Group, and the deal closed Aug. 28.

“As their only asset left in the market, the seller looked to capitalize on strong investor demand for Reno and shift their capital to new developments elsewhere,” Anderson said in a statement. “The buyer ... acquired a quality asset in one of the top submarkets in Reno.”

The 317-unit Cameron Apartments, located at 4600 Sirius Ave. in Las Vegas, sold for $32 million to Florida-based Segundo Cacao. The seller was Nevada-based Exit Properties, LLC; the deal closed Aug. 31.

“While we have seen transaction volume slow, private groups are taking advantage of a smaller pool of buyers to compete with and owners are still willing to transact,” Anderson said, “Cameron Apartments reflects this sentiment, with both the seller and buyer able to execute their respective investment thesis.”

“While there is short-term disruption in both Las Vegas and Reno markets, investors continue to see the long-term growth potential and attractiveness of Nevada’s low-tax, business friendly environment,” Glover added.