100-Unit Fairway Park Manor in Reno Sells for $16,550,000

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Fairway Park Manor, located at 1224 Berrum Lane in Reno, Nevada, has sold for $16,550,000 to Feymann Real Estate Holdings, LLC. Kidder Mathews Senior Vice President Ben Nelson represented the seller — Fairway Park Manor, LLC, a Reno-based private investment firm.

The 91,556-square-foot multifamily property sits on 4.2 acres of land and has 100 units between fifteen buildings. The unit mix consists of eight studios; 26 one-bedroom/one-bath units; 10 two-bedroom/one-bath units; 24 two-bedroom/one-and-a-half bath units; 24 two-bedroom/two-bath units, and eight three-bedroom/two-bath units. Fairway Park Manor was 94% occupied at the time of the sale.

Located in a preferred southwest corridor, Fairway Park is in close proximity to the Washoe Golf Course, Plumas Tennis Center, and Virginia Lake. The asset is also within walking distance to Swope Middle School, major retail, and within a mile and a half of the midtown.

“Given the ability to source debt as well as cap rate expansion, this transaction had many challenges, nevertheless we had a great deal of buyer interest and plenty of compelling offers in the ‘best and final,” said Nelson. “With strong market fundamentals, lack of available inventory, and given the tremendous value-add nature of this asset, the buyer pool remained strong throughout the entire marketing process.”

About Kidder Mathews
Kidder Mathews is the largest independent commercial real estate firm on the West Coast, with over 900 real estate professionals and staff in 20 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, asset services, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $12 billion in transactions, manages 53 million square feet of space, and conducts over 2,600 appraisals annually. For more information, visit kidder.com.

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