Monday, August 13, 2012

Three-Property LIHTC Portfolio in Reno, NV Sells for $9.3 Million

RENO, NV– The Tax Credit Group of Marcus & Millichap, the market leader in Section 42 property sales with over $3 billion closed, has arranged the sale of a three-property, 293-unit Section 42 Low Income Housing Tax Credit (LIHTC) portfolio in Reno, Nev.

Combined, the properties encompasses a total of 233,530 square feet. The $9.3 million sales price equates to $31,741 per unit and $40 per square foot.

Robert Sheppard (middle right photo), an executive vice president investments and national director of the Tax Credit Group of Marcus & Millichap; Kenneth Blomsterberg (middle  left photo), a first vice president investments in Marcus & Millichap’s Sacramento office; and Armand Tiberio (lower right photo) and Spencer Hurst, both senior directors of the Tax Credit Group, represented the seller and the buyer.
 Blomsterberg was Marcus & Millichap’s broker of record in Nevada.

“The new owner has taken advantage of an excellent opportunity to acquire three well-maintained apartment communities in the growing Reno market,” says Sheppard. “The portfolio’s strong historical occupancy, combined with the submarket’s solid fundamentals, make Skyline (top left photo), Skyview and Southridge attractive investments.”
“Both Skyline and Skyview were constructed in 1994 under the Section 42 LIHTC program and have extended use restrictions in place until December 31, 2023,” adds Blomsterberg. “Southridge was constructed in 1995 under the Section 42 LIHTC program and has extended use restrictions in place until December 31, 2045.”

All three properties are located on Sky Valley Drive on a hilltop in Reno with unobstructed views of the Sierra Nevada mountain range. Downtown Reno is minutes away and Interstate 80, U.S. Route 395, the Reno/Tahoe International Airport and public transportation are nearby.

The portfolio features 44 studios, 58 one-bedroom/one-bath units, 100 two-bedroom/one-bath units, 16 two-bedroom/two-bath apartments and 75 three-bedroom two-bath apartment homes.

Stacey Corso
Public Relations Manager
(925) 953-1716

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