ERGS has sold a six-property multifamily portfolio spanning a total of 1,077 units across eight assets in Reno, Nev., for $302.5 million, or $280,872 per unit.
It is the largest apartment deal ever recorded in the state of Nevada. The buyers were San Diego-based MG Properties Group, along with investment firm Osso Capital, based in New York City.
“With this purchase, the buyer establishes a strong presence in Reno’s multifamily market,” said Kenneth Blomsterberg, senior managing director investments in Marcus & Millichap’s Reno office, which represented the seller and procured the buyer. “The tremendous upside potential that can be captured through value-add renovations across the majority of the assets in the portfolio, along with the high-value major employers that can be found in the Tahoe-Reno Industrial Center [TRI Center], made for an extremely attractive acquisition.”
“Over the past five years, the Reno-Sparks region has experienced a ra
