Berkadia Completes $72 Million in Combined Sale of Two Multifamily Properties in Nevada

September 16, 2020

Berkadia Completes $72 Million in Combined Sale of Two Multifamily Properties in Nevada

September 16, 2020
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LAS VEGAS – September 9, 2020 – Berkadia today announced the sales of Cameron Apartments and Northwind, two garden-style multifamily properties totaling 502-units in Nevada. Managing Director Brian Anderson and Associate Director Jared Glover of Berkadia’s Las Vegas office completed both sales on behalf of their respective sellers.

Cameron Apartments, located at 4600 Sirius Ave. in Las Vegas, Nevada, sold for $32 million to Florida-based Segundo Cacao. The seller was Nevada-based Exit Properties, LLC. The property features 317 units of one- and two-bedroom floor plans. Community amenities include a swimming pool, a tennis court, a racquetball court, a playground and laundry facilities. Residents are afforded convenient access to Nevada State College, Springs Preserve and the shops at Desert Crossing. The deal closed on August 31.

“While we have seen transaction volume slow, private groups are taking advantage of a smaller pool of buyers to compete with and owners are still willing to transact,” said Brian Anderson. “Cameron Apartments reflects this sentiment, with both the seller and buyer able to execute their respective investment thesis.”

Northwind is located at 1680 Sky Mountain Drive in Reno, Nevada. The property traded for $40 million. The buyer was Oregon-based Kinsel Ameri Properties and the seller was Washington-based American Capital Group. The 185-unit property features one-, two- and three-bedroom floor plans with in-unit washers and dryers. Community amenities include a sauna, a basketball court and walking trails. Residents are afforded convenient access to the University of Nevada, Rancho San Rafael Park and the shops and restaurants within Peavine Plaza, Monte Vista Village and Canyon Center. The deal closed on August 28.

“As their only asset left in the market, the seller looked to capitalize on strong investor demand for Reno and shift their capital to new developments elsewhere,” added Anderson “The buyer, Kinsel Ameri Properties, acquired a quality asset in one of the top submarkets in Reno.”

“While there is short-term disruption in both Las Vegas and Reno markets, investors continue to see the long-term growth potential and attractiveness of Nevada’s low-tax, business friendly environment,” said Jared Glover.