Not too far up West Fourth Street from downtown Reno is a condominium conversion that is well under way and planning a summer move-in for its new owners.
The 10-story building, Sierra Vista Towers, is undergoing a facelift, says John Arthun, one of the building's investors organized under Reno-Sierra Vista Partners LLC, for developer Hanf Properties, of Novato,Calif.
The new condos on the market haven't garnered much notice, according to Arthun, but with a location just a few blocks west of downtown Reno, he sees it as part of the downtown revitalization.
The 59 units in the tower were ushered through a condo conversion process in 2001 by former owner Baylocq Investments, Inc., says Arthun.
Since then, the building has changed hands twice, and, despite its condo status, has been rented as apartments.
The selling point that grabbed the attention of the new California owners? "Timing," Arthun says."There's very little entry-level housing available close to downtown." And the cost: $3.7 million plus $1 million in construction financing plus additional budget from Hanf Properties that was doable, says Arthun, and a good kickoff for further possible investment in Reno.
The new owners are betting that the 567 W.
Fourth St.
condos on a par with the existing Park Towers and the Sundowner, currently undergoing conversion will appeal to a customer base of university students, second- home buyers, first-time buyers, investors, and those seeking a Nevada address for tax purposes.
The pricing: $130,000 to $160,000, depending on floor, view, size, and upgrades.
All but two of the units are one-bedroom, ranging from 530 square feet to 550 square feet.
The others are two-bedroom units at about 1200 square feet.
So far, signs are good for sale of the units.
"We're getting two to three people a day calling," says Arthun.
And the group has tallied up 18 to 20 reservations so far.
Meanwhile,work on four floors of the building is complete, and is under way on the remaining five floors.
The first floor, once the home to a small casino,will also undergo a rehab,with 1,700 square feet going toward a fitness center and 1,700 toward meeting areas for the condo owners.
The second floor will be devoted to storage facilities.
The condos are small, says Arthun; storage will be a valued added in this instance.
The renovation is designed by Domus Design, a Reno-based firm with offices in San Francisco, Calif., as well as Houston, Texas.
Construction is being handled by Acclaim Construction, out of Fernley.
John Arthun is a licensed California real estate broker with First Marin Realty.
