Updated Jul 25, 2025
Sacramento Investor Purchases 129-Unit LEV Apartments In Reno For $14 Million
1617 North Virginia Street
$14,000,000
Units
129
Asset Type
Student Housing
Closing
Jul 23, 2025
About this deal
AI
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.
Players
Reno Student Housing Market Snapshot
Boundary boundary · Student Housing · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.13%
Cash-on-Cash
-0.32%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93