multifamily portfolio sale

Multifamily Portfolio SaleUnique value-add assets in Reno, Nevada

Gerrit HillebrandVice President+1 775 823 [email protected] Lic. S.0186721

Four Multifamily Properties69,860 Square Feet Total With a Total of 98 Units

Extremely Clean and Well -Maintained Assets

1301 Stardust Street

155 Gardner Street

501 & 503 Mill Street

405 Grand Canyon Boulevard

Downtown Reno

Product Type Multifamily

Total Building SF 69,869 SF

Total Buildings 4

Total Land Area 2.128 AC

Total Units 98 Total

Parking On-site

Zoning MF30

APNs

013-411-12 012-112-13 010-044-11 006-165-09

Portfolio Details

Colliers International is pleased to present our newest exclusive multifamily offering, with a portfolio sale of four assets totaling 98-units. The MJD Development Portfolio offering represents the largest Reno portfolio currently available, providing diversification in rental holdings. The properties offer economies of scale while also providing management efficiencies by location within a 2-mile radius. Current cash flow provides a strong in-place yield, while still offering many opportunities for additional value-add. Modest cosmetic upgrades will further increase rents while still trailing new, nearby product by $600-$850 per month.

• Favorable unit mix of 59 2-bedrooms and 29 1-bedrooms

• Current vacancies offer a variety of immediate repositioning opportunities

• Assets located within less than 10 minutes of each other

• Clean and well-maintained assets

• Significant exposure to nearby job and tenant and generators

• Strong rent growth and absorption within each of the submarkets

• Excellent upside in operations due to remaining value-add strategies, as well as improvement in rent levels due to a market-wide lack of housing

• Reno, Nevada has seen recent soaring demand and popularity of the neighborhood, with recent higher income tenants seeking the active urban lifestyle the community offers

Immediate Scale & Proximity Offers Best Value in Reno

Portfolio Highlights

503 Mill Street

Property Address 155 Gardner Street, Reno, NV 89503

Unit Count 14

Unit Mix 10 - 1 bed/1 bath 4 - 2 bed/1 bath

Building Size 7,956 SF

One Bedroom Size 487 SF

Two Bedroom Size 655 SF

Year Built 1960

Vacancy 7.1% (one unit)

Parking 16 Spaces, on-site

Property Details

The Gardner Street Apartments is a 14-unit multifamily asset that has undergone significant renovation over the past 18 months. The property is located at the west end of Downtown Reno, walking distance to the Truckee River, the Reno Riverwalk and the upcoming Neon Line District by developer Jacobs Entertainment. Within just a few miles of the property is The University of Nevada, Reno and Midtown featuring farm to table dining, distilleries, brewpubs and museums.

The building includes individually metered one and two bedroom units, exterior walkways, and a fenced area with a pergola and grass ideal for gathering and entertaining. As a convenience to the tenants, the property also includes on-site laundry. There are six legacy tenants who are currently month-to-month, with rents 12-16% below market rate. With the capital expenditures invested by current ownership, this opportunity provides the investor a head start on elevated rents, and the benefit of remaining interior improvements to continue the value-added repositioning.

• Excellent location with nearby emerging Class A retail and entertainment development

• Mid-century architecture with block construction

• Strong in-place income from 92.9% occupancy

155 Gardner Street

Property Highlights

Grand Manor is a 28-unit apartment located at the south end of the Wells Neighborhood, adjacent to the soon to be delivered Reno Experience District. Constructed in 1963, with nearly all units renovated between 2019 and 2020, the 0.637 acre property is comprised of nicely upgraded, spacious two bedroom/one bathroom units. The property also features on-site laundry and basement storage for tenants.

405 Grand Canyon Boulevard presents further value-add in a high demand submarket. The bulk of the heavy lift has been performed, with remaining opportunity to continue the interior repositioning program to achieve market rent premiums. This submarket has seen recent soaring demand and popularity, with higher income tenants seeking the active urban lifestyle that the community offers. Tenants living here can enjoy walking distance to nearby farm-to-table restaurants and industrial-chic cafes, new mixed-use developments and nightlife.

405 Grand Canyon Boulevard

• Value-add in a high demand submarket

• Recently renovated in 2020

• Opportunity to achieve market rent premiums

Property Highlights

Property Address405 Grand Canyon Boulevard, Reno, NV 89502

Unit Count 28

Unit Mix 28 - 2 bed/1 bath


Unit Size 733 SF

Year Built 1960 Renovated in 2020

Vacancy 3.6% (one unit)


Property Details

The Mill Street Apartments offers the opportunity to purchase a renovated apartment asset with a commercial building operating on a gross lease. The property is well-located in the rapidly growing Downtown Reno submarket, which has seen a 33% increase in rents since 2016, and a current vacancy rate of 1.94% for this unit type. The asset is surrounded by Class A developments of office, retail, residential and mixed-use, providing continual growth in value to the area.

503 Mill Street

• Well located in rapidly growing submarket

• Nearby Class A developments

• Current vacancy rate of 1.94% in the area for this unit type

Property Highlights

Property Address 503 Mill Street, Reno, NV 89502

Unit Count 18

Unit Mix 18 - 1 bed/1 bath


Unit Size 550 SF

Year Built 1959

Vacancy 11.11% (two units)


Property Details

Commercial building with single tenant, Swiss Chalet Bar, consisting of 1,790 square feet built in 1928. Lease information is available upon request.

501 Mill StreetProperty Address 501 Mill Street,

Reno, NV 89502


Year Built 1928

Property Details

Property Address1301 Stardust Street, Reno, NV 89503

Unit Count 38

Unit Mix 11 - 1 bed/1 bath 27 - 2 bed/1.5 bath


One Bedroom Size 504 SF

Two Bedroom Size 855 SF

Year Built 1963

Vacancy 100%


Property Details

The seller is in the process of a complete renovation, both interior and exterior. There was a fire in 2018 that badly damaged seven of the units, forcing the entire property to be vacated. But as every cloud has a silver lining, this created an opportunity for replacement and modernization of all finishes, and an upgrade of all systems including fire sprinklers throughout both buildings. Original wood siding was removed from the exteriors and replaced with stucco. Both buildings received new roofs, new dual pane windows and all new interiors with shaker cabinets and quartz countertops. A full scope of upgrades and work, both performed and scheduled, is available upon request. Remaining insurance proceeds are assignable and will convey upon sale.

1301 Stardust Street

• Immediate repositioning opportunity

• Currently undergoing a complete renovation both interior and exterior

• Recent replacement and modernization of all finishes and an upgrade of all systems

Property Highlights

Gerrit HillebrandVice President

+1 775 823 [email protected]

NV Lic. S.0186721

Colliers5520 Kietzke Lane, Suite 300

Reno, Nevada 89511 P: +1 775 823 9666F: +1 775 823 4699

www.colliers.com/reno

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Multifamily Portfolio SaleUnique value-add assets in Reno, Nevada

multifamily portfolio sale

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