Updated Sep 28, 2026
California-Based Private Family Office Acquires Sagecliff Apartments In Reno For $55 Million
2777 Northtowne Lane
$55,000,000
$120/SF
Building Size
455,000 SF
Asset Type
MultiFamily
Closing
Sep 25, 2026
About this deal
AI
The 220-unit Sagecliff Apartments, located at 2777 Northtowne Lane in Reno, NV, was sold for $55 million. This multifamily asset encompasses a total of 455,000 square feet, resulting in a price per unit of $250,000 and a price per square foot of $121. The property was originally built in 1997 and has undergone over $2 million in capital improvements since 2021.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $55,000,000
- Units: 220
- Square Footage: 455,000
- Price Per Unit: $250,000
- Price Per Square Foot: $121
- Broker: Jared Glover - Berkadia
A California-based private family office acquired the Sagecliff Apartments from a California-based real estate investment firm. Jared Glover of Berkadia represented the seller in this transaction.
On the Map
$55,000,000
$120/SF
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.29%
Cash-on-Cash
-0.08%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93