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950 NUTMEG PLACE I RENO, NV 89502
213 UNITS | BUILT: 1979
Unpriced Offering
a Berkshire Hathaway and Leucadia National company
EXCLUSIVE MULTIFAMILY OFFERING
AlderCreek.BerkadiaREA.com
2525 East Camelback RoadSuite 1150Phoenix, AZ 85016RETURN SERVICE REQUESTED
PROPERTY SUMMARY:n Units: 213n Year Built: 1979n Total SF: 165,100n Average SF: 775n Site Acreage: 5.03 Acres
n Density: 42.35 Units Per Acren Parcel Number: 020-341-07n Buildings: Eight, Two-Story, Garden-Stylen Roofs: Pitched Composition Shinglen Exterior: Wood Framen Parking: Assigned Surface Parking
Berkadia®, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry.
Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. makes no warranty or representation about the content of this brochure. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The presence of molds may adversely affect the property and the health of some. If you have questions or concerns regarding this issue conduct further inspections by a qualified professional.
© 2018 Berkadia Real Estate Advisors LLCBerkadia® is a trademark of Berkadia Proprietary Holding LLC. In Nevada, Berkadia Real Estate Advisors LLC conducts its investment sales and real estate brokerage business under License # B.0144635.LLC. For state licensing details visit: www.berkadia.com/legal/licensing.aspx. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
Unpriced Offering | Units: 213 | Built: 1979 AlderCreek.BerkadiaREA.com
Brian AndersonSenior [email protected] NV License #B.0144635.LLC
Angela PowersSenior [email protected] License #S.0061022.LLC
Investment Advisors
INVESTMENT HIGHLIGHTS & OPPORTUNITY
ACCELERATING JOB GROWTH
n Alder Creek Villas is benefiting from explosive job growth projected where 52,000 jobs will be created over the next five years.
n Fortune 500 and major entrepreneurial firms are relocating and expanding in Northern Nevada including Apple, Microsoft, Intel, Google, eBay, Amazon, Switch, and Tesla.
MARKET RENTAL GROWTH
n Market rents in Reno-Sparks have increased 10.9% annually since December 2016, reaching $1,163 per month, year-end 2017. According to Yardi Matrix, Reno is forecasted to experience a Y-o-Y rent growth of 9.5% in 2018, Y-o-Y rent growth of 8.2% in 2019, and 7.3% rent growth in 2020. Reno boasts one of the lowest vacancies in the nation at 3.8% in the 4th quarter of 2017 with an average rent of $1,180.
n Currently, Alder Creek Villas' asking rents are $867, and the competitive submarket is $1,029. As of the February rent roll, the property is currently occupied and leased at 98%, while the submarket vacancy is approximately 0.5%!
ASSUMABLE DEBT WITH A POTENTIAL SUPPLEMENTAL UP TO 80% LTV
n There is existing assumable debt on the property with a principal balance of $10,300,000 and a fixed interest rate of 3.82% with an interest-only payment until August 2018. The balance is due August 2026. A supplemental loan up to 80% LTV, subject to DCR constraints, is available coterminous with the existing loan.
