Sales Transactions
1. Two multifamily properties, Lakeview and Sand Pebble/Spanish Oaks,were purchased by a joint venture between HZ Capital Partners I and New York Life Real Estate Partners. Lakeview is located at 2600 E. Shore Dr. in Reno and features 328 apartment units. Sand Pebble/Spanish Oaks sits at 1877 El Rancho Dr. in Sparks and contains 448 apartments. Transaction details were not disclosed.
2. Blue Peak Capital Management acquired Lev Apartments, a six-building, 42.9KSF student housing complex on North Virginia Street in Reno. The 1980-built property consists of 128 units and sits across from the University of Nevada, Reno. Kidder Mathews represented both parties. Virtú Investments advised the buyer, and financing was provided by TruStone Financial Credit Union. Blue Peak plans to rebrand the complex as Elevate Reno and make capital improvements to common kitchens, the clubhouse and landscaping. The purchase amount was not disclosed.
