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Kurt Houtkooper Of Hamilton Zanze Acquires Multifamily Properties In Reno From Kromer Investments For $122M

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SOLD
$122,000,000

Nevada

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MultiFamily
Sold 09/30/2025
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Property Image
SOLD

Kurt Houtkooper Of Hamilton Zanze Acquires Multifamily Properties In Reno From Kromer Investments For $122M

1877 El Rancho Drive & 2600 Eastshore Drive

See Similar Deals
MultiFamily
Sold 09/30/2025
the dealplayerscompscontact
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Summary

NEVADA
Asset Type:MultiFamily
Transaction Type:Sale

The sale involved two multifamily properties located at 1877 El Rancho Drive and 2600 Eastshore Drive in the Sparks and Reno, NV market. These assets have a combined total of 776 units, with a total sale price of $122,000,000. The properties consist of Sand Pebble/Spanish Oaks, which has 448 units, and Lakeview, which houses 328 units. The average price per unit for the transaction is $157,216.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $122,000,000
  • Buyer: Kurt Houtkooper - Hamilton Zanze
  • Seller: Kromer Investments
  • Units: 776
  • Price Per Unit (average): $157,216

Kurt Houtkooper represented Hamilton Zanze in the acquisition of the two properties, which were purchased through the HZ Capital Partners Fund I. This deal marks a significant transaction in the multifamily sector within the Reno market and showcases the ongoing investment interest in this area.

Players

Kurt Houtkooper
Hamilton Zanze & Company
Kurt Houtkooper
3 deals$197M volume
BUYER
Hamilton Zanze & Company
Hamilton Zanze & Company
BUYER
Kromer Investments
Kromer Investments
SELLER

Details

SOLD
IMAGE: Kurt Houtkooper DATE: 09/30/2025 ADDRESS: 1877 El Rancho Drive & 2600 Eastshore Drive MARKET: Sparks & Reno, NV ASSET TYPE: Multifamily BUYER: Kurt Houtkooper - Hamilton Zanze (@HamiltonZanze) SELLER: Kromer Investments SALE PRICE: $122,000,000 UNITS: 776 ~ PPU: $157,216 NOTE: Hamilton Zanze acquired two Reno multifamily properties — Sand Pebble/Spanish Oaks (448 units) and Lakeview (328 units) — from Kromer Investments for $122M through its HZ Capital Partners Fund I. The deal averages $151,785/unit and $164,634/unit, totaling 776 apartments across both assets.

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Deal Type
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Operating Expenses (Annual)
Net Operating Income (NOI)

$6,506,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$433,440.23
Cash-on-Cash Return-1.27%
Monthly Debt Service$578,342.24
Annual Debt Service$6,940,106.90