24-unit multifamily student housing near UNR sells for $2.9 million
Dickson Commercial Group recently announced the transaction of 1415, 1421, and 1425 N. Virginia St, Reno, directly across from the University of Nevada, Reno. The 24-unit assemblage consists of three apartment buildings, a duplex and a single-family home. The one bedroom one bath units are primarily occupied by students and professors attending the university.
The assemblage was purchased on January 21, 2017 by Virginia Street Investors for a final sales price of $2,995,545. Based on the 2016 net operating income the capitalization rate at the close of escrow was 4.25 percent.
University area investment properties have been very attractive for investors because of the high demand for student housing. In 2016 the university reported a shortfall of available units within walking distance of campus.
Trevor Richardson and Tom Fennell of Dickson Commercial Group (DCG) represented the Seller in the transaction.
Heather Ashbridge, who started with Nevada State Development Corporation in 2008, previously served in several roles with the organization, including assistant vice president and loan officer. She is based in NSDC’s Reno office.