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Reno Apartment Portfolio Garners $303M
Marcus & Millichap arranged the sale of The ERGS Portfolio, an eight-property multifamily portfolio in Reno, NV spanning a total of 1,077 units. 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. Blomsterberg, Ryan Rife and Daniel Winrod represented the seller and procured the buyer.
“The bulk of the ERGS Portfolio is located within 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 all within a short drive.
- ◦Sale/Acquisition

