Reno’s Alder Creek Villas complex sells for $21.5 million
RENO, Nev. — Berkadia announced on Dec. 5 the sale of Alder Creek Villas, a 213-unit garden-style multifamily property in Reno.
According to a news release from the company, Berkadia Managing Director Brian Anderson, Senior Director Angela Powers-Armstrong and Associate Director Jared Glover completed the sale on behalf of the seller, Miami-based Altis Cardinal, LLC, and the buyer, Alder Creek Villas, LLC.
The $21.5 million deal reportedly closed Nov. 19.
“The new owner plans to make significant upgrades to the property’s curb appeal, including new siding, painting the building exteriors and gating the property,” Anderson said in a statement. “Interior units will also be upgraded with higher-end finishes. The Alder Creek Villas submarket currently reports a 98 percent occupancy rate, and the property is positioned several hundred dollars under its competitors.”
Alder Creek Villas — located at 950 Nutmeg Place, just southwest of Reno-Tahoe International Airport — features studio, one-, two- and three-bedroom floor plans.
Berkadia is a joint venture of Berkshire Hathaway and Jefferies Financial Group.
Reno-based design firm MBA Architecture and Design is assisting on the $47 million Caesars Entertainment project in downtown Reno.