PCCP Provides Loan for Reno Apartment Asset Acquisition
PCCP has provided a $59.3 million senior loan to LDK Ventures for the acquisition of Integra Peaks at Damonte Ranch. The project is a partially complete, 300-unit, garden-style apartment community in Reno, Nevada. The property is 75 percent complete, with final completion anticipated for late March 2023.
PCCP’s Dorian Farhang touts the project, “Integra Peaks is poised to be one of the premier Class A apartment communities in the South Reno submarket, and we believe that Reno’s projected population and employment growth should result in sustained renter demand at the property.”
The property is located off Interstate 580, which provides residents access to Downtown Reno, Sparks, Carson City, and Lake Tahoe. The property is located within the Damonte Ranch Master Planned Community, which includes retail centers, restaurants, schools, open space, parks, and hiking trails.
Reno’s workforce has grown significantly over the past few years as companies such as Tesla, Google, Panasonic, and Apple have expanded into the market.
- ◦Sale/Acquisition