300-unit Silver Ridge Apartments in Reno sold for $64 million | nnbw.com

300-unit Silver Ridge Apartments in Reno sold for $64 million

NNBW staff report
An overview of Silver Ridge Apartments located at 1555 Sky Valley Drive in West Reno.
Courtesy Colliers International

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.”