250-unit apartment complex changes hands
Woodside Village, a 250-unit apartment complex in Reno, sold in April, according to Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada.
“Woodside Village is a strong-performing asset in an excellent in-fill location,” said Kenneth N. Blomsterberg, senior vice president investments in Marcus & Millichap’s Reno office.
“The property gives new ownership the opportunity to increase revenue through loss-to-lease capture and the implementation of cosmetic enhancements to unit interiors. The ability to enhance revenue through a renovation program has been demonstrated by previous ownership and also by several other apartment communities within the immediate competitive set.”
The complex is located along a high-traffic thoroughfare at one of Reno’s largest intersections, the corner of Kietzke Lane and Virginia Street. The Reno-Sparks Convention Center is across the street.
The Meadowood Mall and two of Reno’s biggest casinos and larger employers, The Peppermill and the Atlantis Casino Resort Spa, are within walking distance.
“The Reno-Sparks market represents a diverse and growing economy with numerous well-known major companies recently expanding their footprint in the area, leading a rapid evolution in economic development and employment growth,” Ryan Rife, a Marcus & Millichap associate in the Reno office. “Southwest Reno is considered to be one of the region’s most desirable neighborhoods, given its proximity to employment, major retail, excellent schools, entertainment venues, and the downtown Reno corridor.”
Blomsterberg, Rife and Benjamin L. Nelson, also an associate in Reno, represented the seller, Woodside Village Opco LLC, an affiliate of Pacific Real Estate Partners and Morrison Street Capital. The team also procured the buyer, Horizon Realty Advisors LLC.
Built in 1977 and situated on more than 10 acres, Woodside Village is composed of 27 buildings. The community’s one-, two- and three-bedroom apartments have central heating and air-conditioning, additional outside storage and private patios and/or balconies.
Among the many community amenities are four on-site laundry care centers, a cabana-style swimming pool, a soccer field, a sports court and a children’s playground.