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The Perch PDX in Portland, Oregon
Affordable HousingDevelopmentFeaturesFinanceMidwestNevadaNortheastSoutheastTexasWestern

Industry Says Biden’s Proposed Rent Cap Would Punish Tenants

by Channing Hamilton

WASHINGTON, D.C. — The Biden administration has called on Congress to pass rent-control legislation that would affect more than 20 million rental homes across the country. Under the proposed rule, landlords with more than 50 units in their portfolios would forfeit federal tax breaks if they raise rents annually more than 5 percent on their existing units.  If passed, this rule would be in force beginning this year and would last through 2026. The plan would include an exception for new construction and for units currently undergoing substantial renovation or …

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Parkway Townhomes in Henderson, Nevada
Investment SalesNevadaNewsWestern

TruAmerica Multifamily Acquires 234-Unit Parkway Townhomes Near Las Vegas

by Channing Hamilton

HENDERSON, NEV. — TruAmerica Multifamily has acquired Parkway Townhomes, a 234-unit townhome-style community located at 2675 Windmill Parkway in the Las Vegas suburb of Henderson. CBRE’s Spence Ballif, Adam Schmitt and Jannie Mongkolsakulkit represented the seller in the deal. The seller and transaction price were not disclosed.  Parkway Townhomes was built in 1995. The community offers two- and three-bedroom units featuring full-size washers and dryers, stainless steel gas appliances, direct-access garages. Amenities include a pool, fitness center and dog park. The previous owners of the property conducted more than $3 …

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Millennium East in Las Vegas
Investment SalesNevadaNewsWestern

Northmarq Brokers $52.7 Million Sale of Millennium East in Las Vegas

by Channing Hamilton

LAS VEGAS — Northmarq has arranged the sale of Millennium East, a 236-unit community in Las Vegas’ Sunrise Manor area. A Massachusetts-based property manager sold the asset to a California-based real estate investment company for $52.7 million. Thomas Olivett of Northmarq’s Las Vegas multifamily investment sales team represented the seller in the deal. Bryan Mummaw, Bryan Liu, Brandon Harrington, Tyler Wood and Chris Gitibin of Northmarq’s debt and equity team secured $33.5 million in acquisition financing for the buyer. The permanent, fixed-rate loan was arranged through Freddie Mac. Millennium East …

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The Deco at Victorian Square in Reno, Nevada
Investment SalesNevadaNewsWestern

Tower 16 Capital Partners Acquires The Deco at Victorian Square in Reno, Nevada, for $43 Million

by Channing Hamilton

RENO, NEV. — Tower 16 Capital Partners has acquired The Deco at Victorian Square, a 209-unit community in Reno, for $43 million. Jonathan Merhaut of Eastdil Secured represented the undisclosed seller in the deal. Lee Redmond and Greg Stampley of Eastdil arranged debt financing for the buyer. The Deco at Victorian Square was built in 2021. The community offers studio, one- and two-bedroom floor plans averaging 731 square feet in size. The new owner plans to implement nearly $1 million in upgrades, including modernized common areas, fitness center upgrades and landscaping …

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Investment SalesNevadaNewsWestern

Avison Young Brokers $15.4 Million Sale of Madison at Green Valley in Henderson, Nevada

by Channing Hamilton

HENDERSON, NEV. — Avison Young has arranged the sale of Madison at Green Valley, a community in the Las Vegas suburb of Henderson. Brisas GD LLC acquired the asset from Pacifica Henderson LLC for $15.4 million. Patrick Sauter, Art Carll-Tangora and Steve Nosrat of Avison Young’s Sauter Multifamily Group negotiated the transaction for both the buyer and seller.  Constructed in 1992 on four acres, Madison at Green Valley features 88 one- and two-bedroom apartments, with an average unit size of 942 square feet.

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Vestra at UnCommons in Las Vegas
Affordable HousingDevelopmentFinanceInvestment SalesMarket ReportsNevadaWestern

Resilience of Las Vegas Market Is Tested 

by Channing Hamilton

Sometimes Las Vegas’ reputation precedes it — and that can be a good or bad attribute.  “Everyone remembers 2008,” says Taylor Sims, executive director of the Multifamily Advisory Group at Cushman & Wakefield.  Home prices in Las Vegas plunged by 60 percent during the Great Recession, nearly twice the national rate, according to news affiliate KTNV. The University of Nevada, Las Vegas (UNLV) notes the unemployment rate peaked at 14.5 percent in October 2010.  Like Sims, Michael Albanese, a multifamily specialist at NAI Vegas, knows the rest of the world …

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Vista Ridge Apartments in Reno, Nevada
Investment SalesNevadaNewsWestern

Marcus & Millichap Brokers $76 Million Sale of Vista Ridge Apartments in Reno, Nevada

by Channing Hamilton

RENO, NEV. — Arthur Vista Ridge has sold Vista Ridge Apartments, a 324-unit asset in Reno, to Tilden Properties and IDEAL Capital Group for $76 million. Kenneth Blomsterberg, Ryan Rife and Daniel Winrod of Marcus & Millichap represented the seller and procured the buyer. Vista Ridge Apartments was built in 1996 on 19 acres. The community offers one-, two- and three-bedroom apartments. Units feature vaulted ceilings, and washers and dryers. Amenities include a fitness center, business center, pool and tennis and basketball courts. 

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A photo of The Michael B Townhomes and Flats in Las Vegas.
Investment SalesNevadaNewsWestern

Davlyn Investments Acquires Spectrum in Las Vegas for $67 Million

by Channing Hamilton

LAS VEGAS — San Diego-based owner-operator Davlyn Investments has closed on the $67 million purchase of Spectrum, a 252-unit community in Las Vegas’ The Curve neighborhood. Taylor Sims and Brady Cleary of Cushman & Wakefield represented the seller. Mitch Clarfield and Meghan Varga of Newmark arranged the debt. Spectrum was built in 2010 and offers one- and two-bedroom floor plans. Davlyn Investments has since rebranded the property as The Michael B Townhomes and Flats. 

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Westlook, a white and blue multifamily building in Reno, Nevada
BerkadiaContent PartnerInvestment SalesNevadaNewsWestern

Berkadia Brokers Sale of Westlook Resort Living in Reno, Nevada

by Channing Hamilton

RENO, NEV. — Berkadia brokered the sale of and secured financing for Westlook Resort Living, a 192-unit garden-style property in Reno. Jared Glover of Berkadia Las Vegas completed the sale on behalf of the seller. Clay Akiwenzie of Berkadia Incline Village secured the financing for the buyer. Westlook Resort Living offers one-, two- and three-bedroom floor plans. Community amenities include a clubhouse, a fitness center, bocce and cornhole courts, a pool and a dog park.

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A construction site with the wood frames of several buildings in progress.
DevelopmentNevadaNewsWestern

Lewis Apartment Communities Breaks Ground on 306-Unit Development in Sparks, Nevada

by Channing Hamilton

SPARKS, NEV. — Lewis Apartment Communities, a development and management firm based out of Upland, California, has broken ground on Homecoming at Kiley Ranch in Sparks. Homecoming at Kiley Ranch will be a gated-access community. The development includes 306 apartment and townhome units and will feature amenities such as a clubhouse with fitness center and package lockers, a pool, barbeques, firepits, playground, dog park and EV chargers. Apartments offer one-, two-, three- and four-bedroom floor plans featuring balconies or patios, washers and dryers, walk-in closets and stainless-steel kitchen appliances. Townhomes …

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