3rd Street Flats purchased by LandCap Investment Partners
Bentar Development and partner Basin Street Properties have sold the 94 unit 3rd Street Flats to LandCap Investment Partners. The upscale residential mixed use complex, which opened in December of 2016, arose from the former Kings Inn and at over 90 percent plus occupancy adds to the momentum of a revitalized downtown Reno.
“Redeveloping the Kings Inn into the lively and successful 3rd Street Flats that you see today has been a goal of ours since we moved our headquarters here in 2009,” Matt White, CEO of Basin Street Properties, said in a written statement. “The property sat vacant for over 30 years until ChiChi Bengochea of (Las Vegas-based) Bentar Development and our team were able to combine our collective vision and expertise to completely remake it as new, upscale apartments.”
The sale of the property to enables Basin Street to focus its energy on other redevelopment opportunities in the region.
Basin Street Properties has become widely recognized for its office, retail, hospitality, multi-family and mixed-use developments.
“Our core focus remains office development,” Mike Williams, Basin Street vice president of marketing, told the NNBW. He added that the company would continue to look at opportunities in other sectors as they come up.
3rd Street Flats fits well into the focus of LandCap, a mixed use and housing sector investment firm.
“We see a great deal of long term potential in the Reno-Sparks Market and are excited to be a part of the region’s growth,” Steve Hinckley, CEO of LandCap Investment Partners, said. “3rd Street Flats fits well within our portfolio of apartment and mixed use communities and I believe we can raise the bar with our experienced team working across these properties.”
3rd Street Flats is the 10th property in LandCap’s Nevada portfolio. Other local multi-family and mixed use properties include Square One at Victorian Square, The Resort at Tanamera, Waterfront at Sparks Marina and The Marina Village.
The new, luxury rental homes feature open concept floor plans with contemporary finishes including high-end appliances, European cabinetry, quartz surface countertops, pendant lighting, plank flooring and ceramic tile in baths. It also features a sky pool and sun deck on the third level, a fitness studio, secure underground parking and the pet friendly amenities of a bark park and dog washing station. “We are very pleased with the end result,” Bengochea said. “My wife Dorothy and I have invested a great deal in the details of the project and bringing it to life, so it is satisfying to see it realized.”
The complex features approximately 9,000 square feet of retail space on the ground floor, which includes the Korean restaurant Bab Café and the neighborhood grocer Urban Market. The property also features fireside roof deck and barbeque area, panoramic views, social lounge, on-site storage and bike amenities. Plus, the great location is walkable to nearby entertainment including Whitney Peak Hotel, Nevada Museum of Art, Silver Legacy and Aces Ballpark. For more information on 3rd Street Flats, visit 3rdStreetFlatsReno.com.
Since launching its new pediatric products two years ago, Neo Medical has seen a 35% growth in sales; moreover, the company has seen revenue grow 15% year-over-year since relocating to Sparks in late 2012.