With rents starting at $550, Reno developer unveils downtown co-housing project
IF YOU GO
What: Kramer’s House Downtown will be hosting an open house Thursday, Feb. 6. The event, which is open to the public, will have local food vendors.
When: 3-7 p.m. Thursday, Feb. 6
Where: 523 Nevada Street, downtown Reno
RENO, Nev. — In 2016, Joseph Kramer was walking down Virginia Street in Reno’s Midtown district when he was hit with what he could only call “a feeling.”
Surveying the array of budding restaurants, bars and shops stretched down the corridor, Kramer, a longtime real estate investor and developer, sensed there was untapped potential for multi-family housing in the heart of Reno.
“You could just feel that the Midtown area was really the place to be,” said Kramer, who that year founded Reno-based Kramer Properties, a multi-family investment and development company. “It just seemed to really start to pick up — it seemed to be where the pulse of the city is.”
Three and a half years later, Kramer has acquired 10 properties and counting in Midtown Reno — he’s even sold some off in recent years.
Now, he’s expanding into downtown Reno with an alternative take on efforts to combat affordable housing.
His latest project is Kramer’s House Downtown, a co-living housing development geared toward young professionals. Tucked on 527 Nevada St. in Reno’s newly created Neon Line District, the 19-unit development has rent prices ranging from $550 to $995 per month.
According to Kramer Properties, the project consists of three separate buildings totaling 6,000 square feet.
Two of the houses feature nine private bedrooms apiece (ranging from 130 to 180 square feet), each including a desk and vanity area. Two tenants each share an adjoining bathroom with a shower; rent price for these rooms start at $550.
The third building, representing the 19th living unit, is a small house with one bedroom and one bathroom, which will rent at $999.
Kramer Properties said it has not started leasing yet, but will begin accepting applications at its grand opening, held Thursday, Feb. 6, from 3-7 p.m. at 523 Nevada Street in downtown Reno.
Amenities include fully furnished common areas with a big-screen TV, a communal kitchen with secure personal storage, washers and dryers, and more. High-speed WiFi and utilities are included, and the property has a high-tech security/camera system.
Aesthetically designed, the property is adorned with striking artwork in colorful pops of blues, greens and reds.
“It’s meant for young professionals, people just getting out of college or joining the workforce or even nurses or traveling nurses or doctors,” Kramer said, noting the property is adjacent to St. Mary’s Regional Medical Center. “It’s getting a lot harder to find these (kinds of) projects because of the lack of supply and the huge demand.”
Kramer’s first project in Reno was a 20-unit rehab development in Midtown, near Great Full Gardens. Kramer said he paid for the property on his own in cash.
Prior to forming Kramer Properties, Kramer said he did redevelopment work in Phoenix, Austin and Las Vegas. His time in Vegas included consulting and managing the redevelopment of over 800 units for Siegel Suites, serving as a partner with Kennedy Commercial, and serving as the vice president of Pacific Southwest Development for 12 years.
After spending more than a decade south in Sin City, Kramer migrated north to the Biggest Little City and quickly found the corridor of Reno he wanted to focus on revamping and building properties.
“I picked the Midtown area to put all my eggs in one basket, and I made a full push forward to do everything and only develop in Reno,” Kramer said. “That tells you right there, either I’m crazy or I’ve got a crystal ball or I’m just lucky … or maybe a little of both.
“I think a lot of hard work, a little luck, and by the grace of God, things have fallen into place,” he continued. “I really have banked on this. That was my vision; I saw it and it’s coming to fruition.”
“Beginning in 2020, real estate enterprises must maintain contemporaneous documentation similar to the way a law firm might track time spent on client matters.”