Reno/Sparks Multifamily Market Report – November

There were two notable sales of newer age class buildings in November. The largest sale was the Canyon Vista Apartments on Los Altos. The 256-unit complex traded for $31,750,000 or $124,023 per unit. The complex was built in 2001 and was purchased by Oakmont Propertiesout of Folsom, California. The second largest apartment sale was the Vista Point Apartments located on Talus Way north of the University of Nevada. The 44-unit building was built in 2000 and sold for $2,665,000 or $60,568 per unit.  There were a few smaller complexes that traded, including the 15-unit building at 4170 Neil, which sold for $835,000 or $55,667 per unit, and the 8-unit building at 737 Willow Street that sold for $1,050,000 or $131,050 per unit.

The demand for apartments remains strong with vacancy in the 2.5 percent range. In the high-demand areas like Midtown, Downtown, South Reno and the Northwest property managers are reporting several calls per day asking for available apartments. The following illustrates a weighted average rent on a dollar per square foot basis encompassing over 23,000 units in the Reno/Sparks metro with a 5 unit minimum.