LEV Apartments, located at 1617 North Virginia Street in Reno, Nevada, sold for $14,000,000 to a private real estate investment firm from Sacramento, California. Kidder Mathews Senior Vice President and Shareholder Ben Nelson, CCIM represented both the buyer and seller.
The 42,996 -square-foot multifamily property sits on 2.6 acres of land and has 129 units between seven buildings. The unit mix consists of 128 studio/one-bath units and one single-bedroom/one-bath unit. A true student housing community with shared kitchen areas, LEV was 98% occupied at the time of the sale.
Originally built by the Saltern family in 1980, LEV is situated in a premier location with immediate proximity to the University of Nevada, Reno. The asset is nestled in a semi-private, quaint community with large pine trees and lush landscaping.
“We marketed this asset to nearly 21,000 potential buyers nationwide. Despite headwinds from cap rate expansion and financing challenges, interest remained strong,” said Nelson. “What ultimately made the property compelling for the buyer was its location directly next to the University, the private studio-style units, and the clear opportunity to enhance value through upgrades. The seller, a seasoned student housing developer, was ready to pass the torch to an investor who shares the same pride of ownership.”
The seller is a student housing developer by trade and has plans to continue to develop in other markets. He was content to pass the torch to a quality investor who would continue in the same pride of ownership that he had for the asset.
About Kidder Mathews
Kidder Mathews is the largest fully independent commercial real estate firm in the Western U.S., with over 900 professionals in 20 offices across Washington, Oregon, California, Idaho, Nevada, and Arizona. We offer a complete range of brokerage, appraisal, asset services, consulting, and debt & equity finance services for all property types. Kidder Mathews averages $9 billion in transaction volume, manages more than 58 million square feet of space, and conducts 2,400 appraisal, consulting, and cost segregation assignments annually. For more information, visit kidder.com.
