Northland Acquires 220-Unit Multifamily Property In Reno, Nevada For $46.2M

The 220-unit multifamily property located at 2300 Harvard Way in Reno, Nevada has been sold for $46.2 million. The buyer, Northland, funded the acquisition with a $34.48 million Fannie Mae loan. The property generated $2.35 million in net operating income last year and will undergo $3 million in renovations. This purchase adds to Northland's existing property portfolio in the Reno area.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $46,200,000
• Address: 2300 Harvard Way, Reno, Nevada
• Market: Reno, Nevada
• Buyer: Northland - Lawrence R. Gottesdiener
• Seller: Benedict Canyon Equities Inc. - Ryan Somers
• Lender: Fannie Mae
• Units: 220
• Price Per Unit: $210,000

Lawrence R. Gottesdiener, representing Northland, acted as the purchaser in this transaction. On the sell side, Ryan Somers, representing Benedict Canyon Equities Inc., facilitated the deal. The involvement of Fannie Mae as the lender further solidifies the financial aspect of this transaction.