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.