CBRE has arranged the sale of the North Edmonds Apartments, a 12-unit community with long-term tenants and well-below market rents. Built in 1976 and 100% occupied, the units are townhome-style apartments with garages and washers and dryers.
Aiman Noursoultanova of CBRE’s Reno office organized the sale on behalf of a California based seller.
“With continued strong job growth benefitting the demand side of multifamily, Sellers have been able to capitalize on a market with steadily growing rental rates alongside a historically low vacancy rate,” said Aiman Noursoultanova, senior vice president of CBRE Reno’s Investment Properties group. “As a result, this asset received multiple bids and generated a high price for our client."
The community is situated just off Highway 50 in a popular rental neighborhood with access to nearby shopping and amenities. Each of the townhome style units features washer and dryer hookups, as well as a kitchen area complete with refrigerator, dishwasher and stove. The complex also has a communal BBQ and picnic area for its residents, as well as personal garages and additional parking.
With direct access to Fairview Drive and the newly constructed Interstate 580 extension, the property not only offers great connectivity to the most trafficked thoroughfares in town, but reduced travel times between Carson City, Reno and Lake Tahoe positioning the asset for continued future success. Additionally, the extension of USA Parkway to Highway 50 recently opened, providing Carson City with direct access to the booming Tahoe-Reno Industrial Center, where Tesla Gigafactory, Switch and many other facilities are located.
