FOR SALE > MERIDIAN 120 SOUTHJanuary 2016 | Reno Land Development Co., LLC Meridian South...

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Colliers International100 W. Liberty St., Suite 740

Reno, Nevada 89501 P: 775.823.9666 | F: 775.823.4699

www.colliers.com/reno

TED STOEVERSenior Vice PresidentDIRECT: +1 775 823 4665CELL: +1 775 443 0651 EMAIL: [email protected]

Gateway to Reno

MERIDIAN 120 SOUTHMIXED USE DEVELOPMENT SITE

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MERIDIAN 120 SOUTH

288 ± GROSS ACRESGATEWAY TO RENO

Rare mixed used development site available for sale. Meridian 120 South is zoned for a variety of uses including single family residential, multifamily and commercial. Ideally located just off Interstate 80, the property is at the forefront of the path of growth in the Verdi area. Sitting at the base of the Sierra Nevada Mountains, the property enjoys breathe taking views and direct access to outdoor adventure. At the gateway to Reno near the California state line, the project will appeal to not only Nevada residents but will be a great option for California residents as well.

The preliminary conceptual land plan allows for:1. 23 +/- Acres of Commercial Zoned Land2. 230 to 250 Single Family Residential Lots3. 380+ Multifamily Units or 225 For Sale Attached

The conceptual development plan focuses on common open space, the preservation of hillsides and steeper slopes on the site.

The property is for sale as a whole or individual segments. Ask broker for details and pricing direction.

PROPERTY DETAILS

288.535 Acres of Property• 038-120-10: 86.4 ac• 038-120-03: 123.1 ac• 038-120-13: 10.011 ac• 038-120-12: 2.649 ac• 038-132-25: 53.645 ac• 038-090-61: 12.73 ac

Work Product • Geotechnical report• Phase 1 environmental• ALTA survey• Complete residential market report• Traffic study• Tentative map for VS1 and VS2

Utilities• Water service will be available to the sites in 2016• Seller will deliver sewer to the site• Other utilities are located in close proximity

Details available upon request

SOLD SOLD

FOR SALE >

MERIDIAN 120 SOUTH

SV1 South Village 1 9,000 SF(SFR - 9/85’ X 110’)

26.3 acres 61 lots 2.3 du/ac

SV2 South Village 2 1± Acres(LLR 1 acre)

16 acres 14 lots 0.9 du/ac


39 acres 80 lots 2 du/ac

SV4 South village 4 9,000 SF(SFR - 9/85’ X 110’)

7.3 acres 13 lots 1.8 du/ac


16 acres 62 lots 3.9 du/ac

IC Industrial Commercial

12.9 acres 180,000 SF Flex Space

MF-A Multifamily 16 acres 380 units 24 du/ac

MF-B Attached Units 16 acres 255 Du’s 14 per/ac

AC Arterial Commercial 2.3 acres

PF Public Facility 3.1 acres

CABELLAS

BOOMTOWN

MF

6 January 2016 | Reno Land Development Co., LLCMeridian South Development in Reno, NV

Preliminary Lot Layout – Meridian South Villages 1 & 2PRELIMINARY LOT LAYOUTS MERIDIAN SOUTH VILLAGES 1 & 2 Meridian South Villages 1 & 2

V1: 61 Lots = 85’ x 110 - 9,000 +/- SFV2: 14 Lots = 1 +/- Acre

The seller is in the process of obtaining a tentative map on these villages. Engineers estimate to finish the lots are: $46,956 per lot


COMMUNITY SPECIFICS FLOORPLANS RECOMMENDATIONSSubject Property Name Mo Total Payment Assumptions 80.0%Location Size Sales Base Total Price/ Monthly Base Addl Tax 4.0%Product Details Sales Summary Plan Mix SF Bed Bath Level Pkg Pace Price Premiums Price SF HOA Tax Rate Assess. Mo. Pmt.

Village 1 Reno Land 1 20 2,750 - - 1 3 3.0 $540,000 $15,712 $555,712 $202 $100 1.10% 0.00% $2,732Reno Meridian South 2 20 3,100 - - 2 3 $565,000 $15,712 $580,712 $187 $100 1.10% 0.00% $2,850Product: Single Family Total Units: 61 3 21 3,500 - - 2 3 $595,000 $15,712 $610,712 $174 $100 1.10% 0.00% $2,992Ave. Lot Size: 12,736Lot Dimensions (min.): 85x110

Summary Statistics: 3,123 3.0 $567,131 $15,712 $582,843 $187 $100 1.10% 0.00% $2,860

Vilage 2 Reno Land 1 4 4,500 - - 1 3 1.0 $825,000 $57,920 $882,920 $196 $100 1.10% 0.00% $4,281Reno Meridian South 2 5 5,000 - - 1 3 $885,000 $57,920 $942,920 $189 $100 1.10% 0.00% $4,566Product: Single Family Total Units: 14 3 5 5,500 - - 2 3 $950,000 $57,920 $1,007,920 $183 $100 1.10% 0.00% $4,873Ave. Lot Size: 50,000








Recommended Pricing Program

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MERIDIAN 120 SOUTH

PRELIMINARY LOT LAYOUTS MERIDIAN SOUTH VILLAGE 3















Preliminary Lot Layout – Meridian South Village 3

Meridian South Villages 3V3: 80 Lots = 85’ x 110’ = 9,000 SF

FOR SALE >

MERIDIAN 120 SOUTH

PRELIMINARY LOT LAYOUTS MERIDIAN SOUTH VILLAGE 3















Preliminary Lot Layout – Meridian South Villages 4 & 5

Meridian South Villages 4 & 5V4: 13 Lots = 85’ x 110’ = 9,000 SFV5: 62 Lots = 60’ x 100’ = 6,000 SF

FOR SALE >

MERIDIAN 120 SOUTH


Unit Unit January 2016 Pricing End of 2016 (4.5%) 2017 (4.0%) 2018 (3.5%)

Mix Size Price PSF Price PSF Price PSF Price PSFVillage 1 Plan 1 20 2,750 $540,000 $196 $564,300 $205 $586,872 $213 $607,413 $221

Village 1 Plan 2 20 3,100 $565,000 $182 $590,425 $190 $614,042 $198 $635,533 $205

Village 1 Plan 3 21 3,500 $595,000 $170 $621,775 $178 $646,646 $185 $669,279 $191

Vilage 2 Plan 1 4 4,500 $825,000 $183 $862,125 $192 $896,610 $199 $927,991 $206

Vilage 2 Plan 2 5 5,000 $885,000 $177 $924,825 $185 $961,818 $192 $995,482 $199

Vilage 2 Plan 3 5 5,500 $950,000 $173 $992,750 $181 $1,032,460 $188 $1,068,596 $194

Village 3 Plan 1 26 2,750 $540,000 $196 $564,300 $205 $586,872 $213 $607,413 $221

Village 3 Plan 2 27 3,100 $565,000 $182 $590,425 $190 $614,042 $198 $635,533 $205

Village 3 Plan 3 27 3,500 $595,000 $170 $621,775 $178 $646,646 $185 $669,279 $191

Village 4 Plan 1 4 2,750 $540,000 $196 $564,300 $205 $586,872 $213 $607,413 $221

Village 4 Plan 2 4 3,100 $565,000 $182 $590,425 $190 $614,042 $198 $635,533 $205

Village 4 Plan 3 5 3,500 $595,000 $170 $621,775 $178 $646,646 $185 $669,279 $191

Village 5 Plan 1 20 1,900 $415,000 $218 $433,675 $228 $451,022 $237 $466,808 $246

Village 5 Plan 2 21 2,200 $445,000 $202 $465,025 $211 $483,626 $220 $500,553 $228

Village 5 Plan 3 21 2,500 $475,000 $190 $496,375 $199 $516,230 $206 $534,298 $214

Wtd. Avg: 230 2,993 $554,109 $185 $579,044 $193 $602,205 $201 $623,283 $208

Plan

Forecasted Market Appreciation/Depreciation – Washoe County

Source: Economy.com, Collateral Analytics; Meyers Research

$200

$300

$400

$500

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015F 2016F 2017F 2018F

Med

ian

Pric

e (in

th

ousa

nds)

0

5,000

# of

Sal

es

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MERIDIAN 120 SOUTHFORECASTED MARKET APPRECIATION/DEPRECIATION – WASHOE COUNTY

1B20

2B20

3B20

4B20

5B20

6B207B20

8B20

9B20

10B20

11B20

12B20

13B20

14B20 15

B20

16B20

18B20

17B20

19B20

GARSON

LINCOLN HWY-80

NEW ROAD

DITCH

ROAD

STEAMBOAT

GA

RSO

NR

OA

D

HWY OFF-RAMP

FUTURE

C COPYRIGHT BURKE 04/07/2016 REPRODUCTION OR DISTRIBUTION OF THIS DRAWING IN WHOLE OR IN PART ISSTRICTLY PROHIBITED WITHOUT THE WRITTEN CONSENT OF DONALD J. BURKE, ARCHITECT. ALL RIGHTS RESERVED.

A1

B20 - 1ST FLOOR PLAN

UP

TO

2ND

FLO

OR

EXTERIOR STAIR

STORAGE9

UNASSIGNEDSTORAGE 7

STORAGE12

UNASSIGNEDSTORAGE 8

UNASSIGNEDSTORAGE 5

UNASSIGNEDSTORAGE 6

141312111098

GARAGE GARAGE GARAGE GARAGE GARAGE

GARAGE GARAGE

C1

C1

A1

A1

UNASSIGNEDGARAGE

BR

EE

ZEW

AY

UNASSIGNEDGARAGE

UNASSIGNEDGARAGE

UNASSIGNEDGARAGE

1 23 4 5 6 7

GARAGEGARAGEGARAGEGARAGEGARAGE

GARAGEGARAGE

B1 A1

UNASSIGNEDGARAGE

UNASSIGNEDGARAGE

UNASSIGNEDGARAGE

UNASSIGNEDGARAGE

STORAGE6

UNASSIGNEDSTORAGE 1

STORAGE3

B1 A1

STORAGE2

STORAGE1

UNASSIGNEDGARAGE

UNASSIGNEDGARAGEG

AS

ME

TER

ELECT. METERS

TEL./CABLE

FIRERISER

UP

TO

2ND

FLO

OR

EXTERIOR STAIR

BR

EE

ZEW

AY

B4 B1

B3 A1

B4B1

B3A1

A1

B1A4

A3 A1

B1 A4

A3

A1A1B2 C1

B20 - 2ND FLOOR PLAN

B20 - 3RD FLOOR PLAN

UP

TO

3RD

FLO

OR

DN

TO

1ST

FLO

OR

UP

TO

3RD

FLO

OR

DN

TO

1ST

FLO

OR

DN

TO

2ND

FLO

OR

DN

TO

2ND

FLO

OR

STORAGE8

STORAGE7

ROOF BELOW

ROOF BELOWROOF BELOW

ROOF BELOW ROOF BELOW

UNASSIGNEDSTORAGE 3

UNASSIGNEDSTORAGE 4

266ATTACHED GARAGES (10' x 20' MIN.)

380

PARKING PROVIDED

COVERED PARKING SPACES

84CARPORTS (9' x 19' MIN.)

(1:1)

703SPACES PROVIDED (1.9)

323OPEN PARKING SPACES (9' x 19')

285(190)

PARKING REQUIRED

38

703SPACES REQUIRED (1.9)

1BR @ 1.5 =

(19) 3BR @ 2.0 =38GUEST 1:10 =

342(171) 2BR @ 2.0 =

ROOF BELOW

UNASSIGNEDSTORAGE 2

NU

MB

ER

OF

UN

ITS

PE

R B

UIL

DIN

G

380

TOTA

L N

O. O

F U

NIT

SPLAN TYPES PER BUILDING

NU

MB

ER

OF

BU

ILD

ING

S

BU

ILD

ING

TYP

E

B1A1

114

1 BA1 BR

1064 S.F.762 S.F.

2 BA2 BR

B2

1036 S.F.

2 BA2 BR

1082 S.F.

3819 38

14

38

770 S.F.

A3

38

1 BA1 BR

786 S.F.

1920B20 26 1 22 2

B4

1096 S.F.

2 BA2 BR

764

C12 BA3 BR

1296 S.F.

191

355,148 S.F. 54,910 S.F.

14,364 S.F.

14,763 S.F.

A41 BA1 BR

DOUBLEMASTER

“UNIT FLOOR AREA” (ALSO KNOWN AS “LIVABLE”, “RENTABLE”, AND “CONDITIONED” AREAS):FLOOR AREA DEFINITIONS:

ALL INCLUSIVE OCCUPIED FLOOR AREA OF THE UNIT IN SQUARE FEET AS MEASURED FROM THEINTERIOR FACE OF THE UNIT’S PERIMETER WALLS.

AREA TABULATIONS SHOWN ARE AS REQUIRED TO DETERMINE THE COMPLIANCE OF THE DESIGN WITH APPLICABLEREGULATORY REQUIREMENTS. THEY ARE NOT TO BE RELIED UPON FOR COMPREHENSIVE CONSTRUCTION COST ESTIMATES.

NOTE:

TOTAL7,752 S.F.

UNITLIVABLE GARAGES

TOTAL BUILDING AREA (S.F.)

ASSIGNEDSTORAGES933 S.F.

AVERAGEPER UNIT

266 152

206 S.F.AVERAGE

PERGARAGE

98 S.F.AVERAGE

PERSTORAGE

UNASSIGNEDSTORAGES

152

51 S.F.AVERAGE

PERSTORAGE

SITE AREA: 16.3 A DENSITY: 23.3 U/A

UNITMIX

19 (3BR)5%

171(2BR)45%

190(1BR)50%

B32 BA2 BR

TOTAL PROJECT SUMMARY 380 UNITS

CLUBHOUSE 1 6,254 S.F.

6 SPACE CARPORTS (1026 S.F.)

CABANA / BBQ (514 S.F.)

6 SPACE DETACHED GARAGE (1200 S.F.) 5

2

6,000 S.F.

1,028 S.F.

(AVG.)

30DETACHED GARAGES (10' x 20' MIN.)


# % Size Rent PSF Rent PSF Rent PSF

1 1/1 75 30% 750 $960 $1.28 $1,013 $1.35 $1,053 $1.402 2/2 75 30% 975 $1,215 $1.25 $1,282 $1.31 $1,333 $1.373 2/2 50 20% 1,150 $1,415 $1.23 $1,493 $1.30 $1,553 $1.354 3/2 50 20% 1,300 $1,550 $1.19 $1,635 $1.26 $1,701 $1.31

Weighted Avg: 250 100% 1,008 $1,246 $1.24 $1,314 $1.30 $1,367 $1.36

End of 2016 (5.5%) 2017 (4.0%)Plan Unit Base (Jan. 2016)Bed/Bath

Plan Features:+ Upgraded cabinetry with stainless steel or black appliances+ Composite countertops in the kitchen and baths+ Min. 9 Ft. ceilings+ Vinyl / hardwood style flooring in living areas

Recommended Development Program

Resident Profile:Singles, couples and roommates. Some young families as three bedroomsare included in the mix. Professional singles working and studentsattending school in the nearby area, looking for an amenitized, securecommunity in the West Reno area and appreciate new construction.

Community Features:+ Wi-fi access in clubhouse/pool area+ Controlled, gated access+ Community pool and sauna+ Emphasis on a large, modern fitness center+ Outdoor fireplace and/or fire pit to create social gathering spaces+ Links from community to any nearby trails+ Outdoor recreation amenities such as fitness trails with work-out stations+ Dog-friendly areas with clean-up bags available

NOTE: “•” indicates included amenities/features; “+” denotes features recommended by Meyers

Pricing Summary:

Conceptual Rendering:

Product:1, 2 and 3-bedroom, 3-Story walkup apartments with covered parking.

Location:The subject site is located at the western-most edge of the City of Reno,along Interstate 80 near the Boomtown Casino.

Source: Meyers Research

FOR SALE >

MERIDIAN 120 SOUTHMF-A | 380 APARTMENT UNITS – 2 AND 3 STORY GARDEN STYLE

FOR SALE >

MERIDIAN 120 SOUTHMF-B | 225 FOR SALE UNITS – TRIPLEX DESIGN

Other development projects in the Verdi area:• Meridian 120 North: 273 Lots - Bates Homes• West Meadows: 324 lots - DR Horton• Mortenson Ranch: 500± lots - TBD• Santerra: 1,600± lots - TBD• Boomtown MF: 240± DU’s - TBD

The Verdi area is set to experience substantial growth over the next couple of years.

SOLD SOLD

FOR SALE >

MERIDIAN 120 SOUTH

MERIDIAN 120 NORTH 273 SFR LOTS

WEST MEADOWS324 SFR LOTS

INDUSTRIAL PARK48.8 ACRES

10.91 ACRES MF 14

1157 ACRES

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MERIDIAN 120 SOUTH

PROPERTY PHOTOS

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MERIDIAN 120 SOUTH

MF

AC

PROPERTY PHOTOS

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MERIDIAN 120 SOUTH

SV3

SV1

MF

IC

SV4

SV5

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MERIDIAN 120 SOUTH

RENO - TAHOE ECONOMIC OVERVIEW

After the announcement of Tesla’s gigafactory in September, 2014, the Greater Reno-Tahoe area has experienced a major economic boom and the ramifications are far reaching. As the relocation announcements of large and well-known companies are publicized, other businesses, investors and developers from all over the country are moving quickly to position themselves to take advantage of this unprecedented growth. The ease of doing business, coupled with favorable taxes and incentives, is creating an unparalleled environment for both business leaders and developers. With the dual benefits of having no corporate or personal income tax and an unsurpassed quality of life, Reno tops the list for many companies who are looking to relocate.

In addition to Tesla, Apple recently chose Reno as the site for their massive iCloud data facility, making the largest land purchase in its history. In addition, the Las Vegas based tech company, Switch, plans to invest $5BB in an 8 million square foot data center. It is projected that the above companies alone will create over 55,000 direct and indirect jobs.

Greater Reno-Tahoe is a diverse region of eight distinct counties located in the northwestern portion of Nevada. A meaningful sense of community binds the region. Included in these counties is the third largest city in Nevada; Reno. Reno has become commonly known as “The Biggest Little City in the World” with its diverse variety of activities, ranging from outdoor recreation to a vibrant nightlife. Located just east of Reno is the growing city of Sparks. With the combination of four vibrant seasons of recreation, arts and culture, this region provides a very attractive place for a wide variety of companies and individuals alike.

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MERIDIAN 120 SOUTH

RENO OVERVIEW

Reno is the third largest city in Nevada with a population of approximately 433,000. While Reno historically has been known for its gaming, the new focus and direction is an emphasis as a high tech and university town. It has the largest concentration of distribution-related property per capita in the United States. The region offers an unmatched location to access key markets, favorable tax structure, strong telecommunications infrastructure, pro-business climate, excellent quality of life.

While Reno has many of its own unique benefits, Nevada also ranks high in some compelling categories:

• 8th Best State for Business, Chief Executive Magazine dated 5/8/15

• 10th Most Entrepreneurial State, Kauffman Index of Entrepreneurial Activity 4/8/15

• 3rd Best State Tax System, Business Tax Index 2013 by the Small Business and Entrepreneurship Council

• 5th Best Business Tax Climate in the 2016 Business Tax Climate Index by Tax Foundation 11/17/15

• Top 20 Least Expensive Cities in which to do business, 2013 Kosmont-Rose Institute Cost of Doing Business Survey

• 1st Most Populous and Highest Startup Density for the MSA Size Class, Kauffman Foundation 11/15

2.3%Q1 2016 Multifamily

Vacancy

15.8%2015 Median Home

Price Increased

68%Recovery from

2012

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MERIDIAN 120 SOUTH

HOUSING MARKET

Since the announcement of Tesla’s Gigafactory landing in Northern Nevada, the local real estate market has experienced nothing short of a new boom. With the expectation of unprecedented job growth from multiple entities which are relocating, the Northern Nevada housing market will be faced with massive shortages over the next several years.

The Economic Development Authority of Western Nevada (EDAWN) has projected that approximately 9,000 new housing units will need to be built each year over the next five years to meet the unprecedented demand for new homes in Nevada. EDAWN is projecting that by 2020 Reno will have:

As of today, Reno has approximately 2,000 finished lots with only an additional 1,000 in the planning stages. If all 1,000 lots come online, this provides just over one year’s supply of finished lots based on 2016 projected sales and permits and obviously falls far short of what will be needed on a yearly basis for the foreseeable future. Given the significant demand, the following factors seem to be in play:

• Limited supply and growing demand will continue to drive home prices up

• Quality locations will command higher prices as in-fill land is disappearing quickly

• New builders and developers will continue to attempt to secure a presence in this market

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MERIDIAN 120 SOUTH

FOR SALE > MERIDIAN 120 SOUTHJanuary 2016 | Reno Land Development Co., LLC Meridian South...

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