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Marcus & Millichap Closes Eight-Asset Reno Multifamily Portfolio Sale for $302 Million
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Rhea-AI Summary
Marcus & Millichap (NYSE: MMI) announced the sale of The ERGS Portfolio, a six-property multifamily portfolio comprising 1,077 units, for $302.5 million, averaging $280,872 per unit. The acquisition strengthens the buyer's foothold in Reno’s multifamily market, capitalizing on value-add renovation potential and proximity to major employers in the Tahoe-Reno Industrial Center. This area has seen rapid business growth, with major companies like Tesla and Google contributing to job creation.
Positive
Successful sale of The ERGS Portfolio for $302.5 million, enhancing revenue.
Potential for value-add renovations increases future profitability.
Strategic location near major employers poised for growth.
Negative
None.
RENO, Nev.--(BUSINESS WIRE)--
Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of The ERGS Portfolio, a six-property multifamily portfolio spanning a total of 1,077 units across eight assets. The portfolio traded for $302.5 million, or $280,872 per unit.
“With this purchase, the buyer establishes a strong presence in Reno’s multifamily market,” said Kenneth Blomsterberg, senior managing director investments in Marcus & Millichap’s Reno office. “The tremendous upside potential that can be captured through value-add renovations across the majority of the assets in the portfolio, along with the high-value major employers that can be found in the Tahoe-Reno Industrial Center (TRI Center), made for an extremely attractive acquisition.” Blomsterberg, Ryan Rife and Daniel Winrod represented the seller and procured the buyer. “Over the past five years, the Reno-Sparks region has experienced a rapidly evolving landscape of business development and employment opportunities, and this trend is projected to continue,” added Rife. “Tesla, Apple, Google, Amazon, Blockchain LLC, Switch, and Panasonic are only a few of the major employers that have brought thousands of new jobs to the region. Many of these companies are in the TRI Center, the nation’s largest industrial park, located just a short drive from the ERGS Portfolio.”
Built between 1958 and 2021, the assets are:
North Peak Apartments, 352 units
Silver Lake Apartments, 352 units
Sierra Sage Apartments, 232 units
Vale Apartments, 40 units
Vale Townhomes, 16 units
Peavine Peaks, 30 units
Oak Manor, 47 units
Angel Street Apartments, 8 units
“The bulk of the ERGS Portfolio is located in the North Valleys submarket, which is the second-fastest growing employment location in Northern Nevada,” said Winrod. Truckee Meadows Community College is located less than five minutes from the ERGS Portfolio, and the University of Nevada, Reno is nearby. Lake Tahoe, the Black Rock Desert, and North Valleys Regional Park are within a short drive.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
