Reno Multifamily Report - 2016 Year End & Q416
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Transcript of Reno Multifamily Report - 2016 Year End & Q416
reno multifamilySALES
2016
# Address Sale Price # Units $/Door Sale Date Complex Area Year Built1 6002 Plumas St, Reno, NV 89519 $40,250,000 311 $129,421 7/21/2016 Lakeridge East SW Reno 1979
2 5300 Los Altos Pkwy, Sparks, NV 89436 $35,450,000 264 $134,280 2/4/2016 High Rock 5300 Sparks 2002
3 350 Harbour Cove Dr, Sparks, NV 89434 $35,000,000 240 $145,833 12/15/2016 Marina Village Sparks 2003
4 3302 Skyline Blvd, Reno, NV 89509 $28,500,000 204 $139,706 12/15/2016 Skyline Canyon SW Reno 1973
5 800 Nichols Blvd, Sparks, NV 89434 $25,350,000 240 $105,625 8/31/2016 Green Leaf Apartments Sparks 1980
6 800 Redfield Pkwy, Reno, NV 89509 $21,800,000 174 $125,287 11/16/2016 The Lodge at McCarran Rnch SW Reno 1989
7 1100 15th St, Sparks, NV 89431 $15,500,000 230 $67,391 12/22/2016 Courtside Garden Sparks 1975
8 4050 Baker Ln, Reno, NV 89509 $14,748,000 184 $80,152 6/14/2016 Willowbrook Apartments SW Reno 1972
9 550 Howard Dr, Sparks, NV 89434 $14,250,000 199 $71,608 9/27/2016 Marina Gardens Sparks 1973
10 4145 Neil Rd, Reno, NV 89502 $12,500,000 213 $58,685 7/15/2016 Alder Creek Villas Airport 1979
11 1850 Idlewild Dr, Reno, NV 89509 $10,250,000 113 $90,708 10/13/2016Village At Idlewild Park
ApartmentsSW Reno 1973
12 1305 Pyramid Way, Sparks, NV 89431 $9,150,000 112 $81,696 11/2/2016Hidden Oaks Village
ApartmentsSparks 1977
13 1430 Carlin St, Reno, NV 89503 $5,450,000 84 $64,881 7/29/2016 Carlin St Apartments NW Reno 1977
TOTAL SALES Avg. $/Door
# Units Sold
$268,198,000 $104,438 2,568
reno multifamily market report
reno multifamilySALES
2016reno multifamily market report
# Address1 6002 Plumas St, Reno, NV 89519
2 5300 Los Altos Pkwy, Sparks, NV 89436
3 350 Harbour Cove Dr, Sparks, NV 89434
4 3302 Skyline Blvd, Reno, NV 89509
5 800 Nichols Blvd, Sparks, NV 89434
6 800 Redfield Pkwy, Reno, NV 89509
7 1100 15th St, Sparks, NV 89431
8 4050 Baker Ln, Reno, NV 89509
9 550 Howard Dr, Sparks, NV 89434
10 4145 Neil Rd, Reno, NV 89502
11 1850 Idlewild Dr, Reno, NV 89509
12 1305 Pyramid Way, Sparks, NV 89431
13 1430 Carlin St, Reno, NV 89503
reno multifamilySALES
2016
2016
2016
# $
2016 Year End Sales 2016 was a strong year for multifamily sales, especially during the second half of the year. This quarterly data was compiled from the Washoe county assessor and is divided between small and large multifamily properties.
2016reno multifamily market report
$101K $89K
TOTAL SALES TOTAL SALES
$ $UNITS SOLD
#UNITS SOLD
#$290M 2,879 $32M 356
DOLLARS / DOOR
2016 2016
DOLLARS / DOOR
reno multifamilySALES
2016reno multifamily market report
reno multifamilyRENTAL TRENDS Apartment Rent Growth Reno’s apartment rent growth is staggering and currently sits at the highest average rental rate in history. Reno surpassed national trends with a dramatic 12.6% rental growth during 2016. Apartment demand remains very high with virtually no vacancy issues. Vacant apartments marketed on the internet can produce 50 to 100 inquiries in a matter of days.
2016reno multifamily market report
reno multifamilyCONSTRUCTION
PLANNED CONSTRUCTION - 7,056
UNDER CONSTRUCTION - 1,312New Multifamily Units Like much of the nation Reno developers have been trying to keep up with the strong demand for apartments. With the shortage of single family housing and affordability issues, Reno is a market with a high demand for new multifamily inventory.
2016reno multifamily market report
Under ConstructionProject Name Units Location Area Status
Sierra Vista 336 Arrowcreek ParkwaySouth Reno Construction
Fountain House Apartments 236 Victorian Plaza Circle at C Street Sparks Construction
Vineyard at the Galleria 210 Sparks Galleria Sparks Construction
The Harvest-Phase I 278 Damonte RanchSouth Reno Construction
The Village at Arrow Creek Parkway-II 252
Arrowcreek Parkway & Wedge Parkway
South Reno Construction
reno multifamilyCONSTRUCTION
2016reno multifamily market report
Planned ConstructionProject Name Units Location Area StatusThe Villas at Keystone CanyonPhase II 96
Keystone Avenue & North McCarran Boulevard NW Reno Planning Stages
Confidential 305Directly West of The Villas at Keystone Canyon NW Reno Planning Stages
Silverado Development 96 Wingfield Springs Sparks Planning Stages
Silver Peak Apartments 420Intersection of Military Road & Lemmon Drive
North Valleys
Special Use Permit will expire March 2019
Vista Rafael Apartments 416North Virginia Street & Vista Rafael Parkway
North Valleys Planning Stages
Confidential 280 Sparks Market Sparks Planning Stages
LandCap Project 300 Prater Way & Vista Boulevard Sparks Planning Stages
Lumina-Phase I 312 Wingfield SpringsNorth Sparks Planning Stages
Lumina-Phase II 240 Wingfield SpringsNorth Sparks Planning Stages
The Point at the Marina 920LandCap Project, East of Sparks Marina Sparks
Entitled for up to 920 Units
Waterfront at the Marina 209Around Existing Parking Garage @ Sparks Marina Sparks
Beginning Construction 2016
Confidential 400 South Reno MarketSouth Reno Planning Stages
Steamboat Creek 468Geiger Grade & South Virginia Street
South Reno Planning Stages
Summit Club 584 Mt. Rose HighwaySouth Reno Planning Stages
The Harvest-Phase II 300 Damonte RanchSouth Reno Planning Stages
Park Lane-Reno Urban Development 1200 Park Lane
Midtown Reno Planning Stages
The Bridges 198 Victorian Square SparksBeginning Construction 2016
Sharlands Apartments 312Southeast Corner Sharlands & Mae Anne NW Reno
Beginning Construction 2017
reno multifamilyCONSTRUCTION
2016reno multifamily market report
3rd Street Flats ● Status - Completed● Type - Motel Conversion● Units - 94● Location - Downtown Reno
Fountainhouse Sparks ● Status - Under Construction● Type - New Construction● Units - 236● Location - Downtown Sparks
The Harvest Phase 1 ● Status - Under Construction● Type - New Construction● Units - 278● Location - South Reno
Square One ● Status - Completed● Type - Motel Conversion● Units - 100● Location - Downtown Sparks
reno multifamilyCONSTRUCTION
2016reno multifamily market report
Northern Nevada Jobs The Greater Reno/Sparks area is starting to see and feel the unprecedented growth in the area thanks to many key factors. Near the end of 2014, Tesla Motors named Nevada the official site for the Tesla Gigafactory, a massive factory to produce batteries for it’s electric vehicles. According to the Governor’s Office of Economic Development, over 22,715 jobs could be created in Northern Nevada thanks to Tesla, as well as a substantial increase in construction and housing activity. The Economic Development Authority, or EDAWN, is projecting an increase of more than 51,000 primary and secondary jobs from 2015 to 2019 for the region.
renoJOB GROWTH
reno multifamily market report 2016
# Address Sale Price # Units $/Door Sale Date Area Year Built1 350 Harbour Cove Dr, Sparks, NV 89434 $35,000,000 240 $145,833 12/15/2016 Sparks 2003
2 3302 Skyline Blvd, Reno, NV 89509 $28,500,000 204 $139,706 12/15/2016 SW Reno 1973
3 800 Redfield Pkwy, Reno, NV 89509 $21,800,000 174 $125,287 11/16/2016 SW Reno 1989
4 1100 15th St, Sparks, NV 89431 $15,500,000 230 $67,391 12/22/2016 Sparks 1975
5 1850 Idlewild Dr, Reno, NV 89509 $10,250,000 113 $90,708 10/13/2016 SW Reno 1973
6 1305 Pyramid Way, Sparks, NV 89431 $9,150,000 112 $81,696 11/2/2016 Sparks 1977
7 4305 W 4th St, Reno, NV 89523 $2,000,000 17 $117,647 11/29/2016 NW Reno 1950
8 1413 N Virginia St, Reno, NV 89503 $770,000 6 $128,333 11/16/2016 University 1975
9 441 W 2nd St, Reno, NV 89503 $750,000 20 $37,500 10/7/2016 Downtown Reno 1917
10 3596 Gypsum Rd, Reno, NV 89503 $720,000 8 $90,000 12/12/2016 N.Reno 1979
11 927 Manhattan St, Reno, NV 89512 $650,000 9 $72,222 12/2/2016 East Reno 1986
12 3641 Gypsum Rd, Reno, NV 89503 $515,000 4 $128,750 11/28/2016 N.Reno 1984
13 900 Eden Ct, Reno, NV 89509 $500,000 6 $83,333 10/26/2016 SW Reno 1964
14 720 Stewart St, Reno, NV 89502 $499,000 8 $62,375 11/21/2016 East Reno 1973
15 1440 Lander St, Reno, NV 89509 $475,000 3 $158,333 10/27/2016 Old SW Reno 1947
16 908 Humboldt St, Reno, NV 89509 $325,000 2 $162,500 11/2/2016 Old SW Reno 1940
17 420 Roberts St, Reno, NV 89502 $315,000 3 $105,000 11/7/2016 East Reno 1932
18 336 Mary St, Reno, NV 89509 $314,900 3 $104,967 10/18/2016 Midtown Reno 1949
19 1206 Parkview St, Reno, NV 89502 $278,000 4 $69,500 10/31/2016 Airport 1970
20 1061 Tyler Way, Sparks, NV 89431 $272,500 2 $136,250 10/31/2016 Sparks 1979
21 1308 Powell Ln, Reno, NV 89502 $270,000 2 $135,000 10/21/2016 Airport 2004
22 809 Wheeler Ave, Reno, NV 89502 $265,000 5 $53,000 10/19/2016 Midtown Reno 1926
23 965 Eden Ct, Reno, NV 89509 $260,000 2 $130,000 10/14/2016 SW Reno 1959
24 318 E 4th St, Reno, NV 89501 $250,000 3 $83,333 10/11/2016 Downtown Reno 1979
25 1202 Arnold Dr, Reno, NV 89512 $210,000 2 $105,000 10/27/2016 East Reno 1963
26 1695 Kirman Ave, Reno, NV 89502 $185,760 2 $92,880 11/14/2016 East Reno 1959
27 691 E Taylor St, Reno, NV 89502 $150,000 2 $75,000 12/2/2016 East Reno 1953
28 369 Broadway Blvd, Reno, NV 89502 $136,500 2 $68,250 11/23/2016 East Reno 1951
Average $/Door 2-10 Units # Units Sold Total Sales$94,380 78 $7,361,660
Average $/Door 10+ Units # Units Sold Total Sales$110,766 1,110 $122,950,000
reno multifamilySALES
Q416reno multifamily market report
reno multifamilySALES
Q416reno multifamily market report
# Address
1 350 Harbour Cove Dr, Sparks, NV 89434
2 3302 Skyline Blvd, Reno, NV 89509
3 800 Redfield Pkwy, Reno, NV 89509
4 1100 15th St, Sparks, NV 89431
5 1850 Idlewild Dr, Reno, NV 89509
6 1305 Pyramid Way, Sparks, NV 89431
7 4305 W 4th St, Reno, NV 89523
8 1413 N Virginia St, Reno, NV 89503
9 441 W 2nd St, Reno, NV 89503
10 3596 Gypsum Rd, Reno, NV 89503
11 927 Manhattan St, Reno, NV 89512
12 3641 Gypsum Rd, Reno, NV 89503
13 900 Eden Ct, Reno, NV 89509
14 720 Stewart St, Reno, NV 89502
15 1440 Lander St, Reno, NV 89509
16 908 Humboldt St, Reno, NV 89509
17 420 Roberts St, Reno, NV 89502
18 336 Mary St, Reno, NV 89509
19 1206 Parkview St, Reno, NV 89502
20 1061 Tyler Way, Sparks, NV 89431
21 1308 Powell Ln, Reno, NV 89502
22 809 Wheeler Ave, Reno, NV 89502
23 965 Eden Ct, Reno, NV 89509
24 318 E 4th St, Reno, NV 89501
25 1202 Arnold Dr, Reno, NV 89512
26 1695 Kirman Ave, Reno, NV 89502
27 691 E Taylor St, Reno, NV 89502
28 369 Broadway Blvd, Reno, NV 89502
EMAIL [email protected] 775.850.3031CELL 775.233.0754
TREVOR RICHARDSONMultifamily & Investment Property Specialist
Multifamily ReportingDickson Commercial Group utilizes several key data sources to compile monthly and quarterly multifamily sales and apartment rental data to provide a unique and comprehensive overview of the Reno/Sparks market. For multifamily owners and investors alike, this research provides the critical data necessary to make informed and strategic decisions.
aboutDCG MULTIFAMILY
Multifamily ServicesLarge Multifamily (11+Units)
Small Multifamily (2-10 Units)
Cash Flow Analysis
Monthly/Quarterly Reporting
Demographic Studies and Reports
Off Market Acquisitions
Institutional Experience, Local KnowledgeThe team at Dickson Commercial Group has been working in the Northern Nevada market for nearly 35 years. Our seasoned group of real estate professionals offers deep and diverse market knowledge, proven problem solving abilities and resourcefulness with a complete focus on commercial real estate.
We work as a team in the truest sense of the word. We collaborate to find the best solutions and we leverage the specific knowledge of each agent. Our multi-faceted brokerage provides local, national and international clients the full array of commercial real estate services. Agents are trained specialists with accreditation through the Society of Industrial and Office Realtors (SIOR) and Certified Commercial Investment Members (CCIM).
2016reno multifamily market report
Sources: Washoe County Assessor, Johnson Perkins Griffin Real Estate Appraiser, EDAWNDisclaimer: All information contained herein is from sources deemed reliable: however, no representation or warranty is made to the accuracy thereof. Art: Icons made by( Gregor Cresnar) (Chanut is Industries) (Freepik) (Icomoon) (Madebyoliver) from www.flaticon.com