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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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