300-unit Silver Ridge Apartments in Reno sold for $64 million
RENO, Nev. — Colliers International recently facilitated the sale of The Silver Ridge Apartments in West Reno.
The $64 million sale represents one of the largest value-add opportunities to trade in the Reno-Sparks market in the past decade, according to an Oct. 7 press release from Colliers, and the first time in a generation that the property has been sold.
Kalah Espinoza, vice president with Colliers’ San Francisco-based Multifamily Investments Team, and Melissa Molyneaux, executive vice president with Colliers’ Reno office, represented the private seller and procured the institutional buyers in the transaction.
A partnership between California-based multifamily investors, IDEAL Capital Group and Tilden Properties, purchased the property, which closed escrow Sept. 30.
“We are proud to have played a role in this monumental sale for Reno,” Espinoza said in a statement. “It was our pleasure to facilitate on behalf of the seller and buyers.”
Originally constructed in 1990, Silver Ridge offers a mix of one-bedroom, two-bedroom and three-bedroom townhouse units and averaging approximately 1,000 square-feet.
Located at 1555 Sky Valley Road, the property’s 300 units are contained in 295,840 square-feet and spread out over 20 acres.
This garden-style multifamily asset offers low-density living with immediate proximity to downtown Reno and has entitlements in place to allow for an additional 70 units to be constructed within the existing site-plan.
“Silver Ridge is a remarkable asset that is prime for value-add repositioning,” Director of Acquisitions for IDEAL Capital Kevin Conway said in a statement. “Our $7,300,000 renovation scope will focus on rehabilitating the unit interiors, adding new common-area amenities and repurposing certain underutilized facilities. We aim to significantly enhance the resident experience and deliver superior returns to our investors.”
Construction could begin next year and require about 500 to 600 workers, with a permanent workforce starting at 150 to 200 people with potential to expand.