The $56 million sale of an apartment
complex in west Reno shows that big real
estate deals still can get done despite deeply
troubled credit markets.
The 450-unit Montebello at Summit
Ridge complex, located at 5200 Summit Ridge
Drive, was purchased
by a private family
group in California
from its previous owners,
a unit of Chicagobased
LaSalle
Investment
Management Inc.
Dewey Struble of
Sperry Van Ness in
Reno and Mike
Miyagishima of Sperry
Van Ness in San
Francisco represented
the buyers.
Struble said the
transaction was difficult
to complete
because of the freeze-up in the nation's credit
markets, especially for real estate lending.
"It became pretty dicey because of the
machinations in the credit markets," he said.
The financing that the buyers were able
wasn't as favorable a they originally hoped,
Struble said, but they were highly motivated
by their belief that long-term holdings in
multi-family housing in northern Nevada
represent a good investment.
Montebello at Summit Ridge, built in
1997, is on 54 acres near Interstate 80 and
North McCarran Boulevard. Rentals include
72 one-bedroom apartments, 348 two-bedroom
units and 30 three-bedroom apartments.
The property includes a clubhouse, a
9,000-square-foot fitness center, a business
center and conference room, a pool and a spa.
Struble said the buyers also were willing
to battle financing challenges because of the
quality of Montebello.
"In tumultuous times, the better properties
do better," he said.
