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Sacramento Investor Purchases 129-Unit LEV Apartments In Reno For $14 Million
SOLD
$14,000,000
Nevada
See Similar DealsStudent Housing
Sold 07/23/2025
SOLD
Sacramento Investor Purchases 129-Unit LEV Apartments In Reno For $14 Million
1617 North Virginia Street
See Similar DealsStudent Housing
Sold 07/23/2025
Summary
NEVADA
Asset Type:Student Housing
Transaction Type:Sale
The asset involved in this transaction is a student housing property located at 1617 North Virginia Street in Reno, NV. The property consists of 129 units and was sold for $14,000,000, equating to a price per unit of $108,527. This 98%-leased property is conveniently situated adjacent to the University of Nevada, Reno, making it an attractive option for student living.
Summary of transaction details:
- Property Type: Student Housing
- Transaction Amount: $14,000,000
- Units: 129
- Price Per Unit: $108,527
- Market: Reno, NV
Ben Nelson from Kidder Mathews represented the transaction, facilitating the sale between the Sacramento-based investor and the student housing developer, ensuring the smooth execution of this deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$746,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$49,739.05
Cash-on-Cash Return-1.27%
Monthly Debt Service$66,367.14
Annual Debt Service$796,405.71
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