NAI ALLIANCE NEGOTIATES SALE OF LOCUST APARTMENTS IN RENO, NEVADA FOR $2,450,000
Reno, Nevada—September 14, 2018 NAI Alliance, a member of the world’s premier managed network of commercial real estate firms, announced today the sale of the Locust Apartments, a 17-unit apartment community located in Reno, Nevada, according to Principal and Senior Vice President Dan Oster, SIOR. The asset sold for $2,450,000.
Benjamin Nelson, Vice President, Investments, at NAI Alliance represented the seller—a private developer and investor based out of Reno, Nevada.
“More than any other asset, we had a significant amount of activity on this one. The owner entertained several compelling offers over the last several months of the listing; Locust was a great opportunity for the buyer to capitalize on the momentum of economic activity in the region even with very little inventory to choose from,” Nelson said.
Built in 1986 and fully remodeled in 2016-2017, the Locust Apartments operates as one property comprised of two separate parcels located at 1700 Locust Street and 520 Colorado River Boulevard in Reno, Nevada.
The Locus Apartments is a garden-style apartment complex in proximity to Midtown that has been completely renovated. The owner spared no expense with the remodel, which includes granite countertops, stainless steel appliances, Tahoe wood-style cabinetry, new blinds, all new windows, doors, roofs, and water heaters. The complex offers studio, one-, and two-bedroom units, a laundry room, and manager’s quarters, and was 100% leased at the time of the sale.