Vista Ridge Apartments In Reno, Nevada Sold For $76M To Tilden Properties & IDEAL Capital Group
1675 Sky Mountain Drive
Summary
The Vista Ridge Apartments, a 324-unit multifamily asset located at 1675 Sky Mountain Drive in Reno, Nevada, has been sold for $76 million. The property spans across 19 acres and is considered a "value add" opportunity by the buyer, Tilden Properties & IDEAL Capital Group. The positive outlook for apartment demand in the area, driven by Tesla and Redwood Materials' commitments, makes this acquisition promising.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $76,000,000
- Units: 324
- Price Per Unit: $234,568
- Date: 07/12/2023
- Market: Reno, Nevada
- Buyer: Tilden Properties & IDEAL Capital Group
- Seller: Arthur Vista Ridge LLC
- Brokers: Kenneth Blomsterberg, Ryan Rife & Daniel Winrod - Marcus & Millichap
The successful transaction was facilitated by Kenneth Blomsterberg, Ryan Rife, and Daniel Winrod of Marcus & Millichap, who represented both the buyer and the seller. Their expertise played a crucial role in closing the deal, ensuring a smooth and efficient process for all parties involved.
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