The new owners of Woodside Village Apartments plan on spending more than $1 million to upgrade public amenities and renovate the interiors of the 250-unit property at 4800 Kietzke Lane in Reno.
Co-owner Joseph Kramer and his San Francisco-based business partner closed purchase of the property in late January for $14.9 million. Kramer, who lives in Las Vegas, says plans already are in the works to transform the property built in 1976 into a more upscale apartment complex that will be marketed to working professionals who want to be close to downtown and younger families.
The owners already have design and landscaping plans and will start on upgrading outdoor amenities. Kramer says he will use general contractor Trident Construction of Las Vegas for renovation work with completion targeted for late spring or early summer.
“It really needs a good shot in the arm,” Kramer says.
Common-area upgrades include changing several tennis courts at the 10-acre complex into grassy athletic fields, as well as installing a basketball court and kids’ play areas. Pool areas will receive contemporary decking and personal cabanas, and the poolside clubhouse will be completely renovated and with new furnishings and televisions sets.
Kramer says the plan also is to fully rehabilitate each apartment unit with new countertops, appliances, flooring and two-tone paint. The location of the property, and its scalability were determining factors in the purchase of the property, he says.
“That part of town is kind of the heart of Reno. The complex is close to downtown, the freeway and a lot of retail and casinos. It’s just the right message to get tenants to rent your apartments.”
Ken Blomsterberg, first vice president of investments for Marcus & Millichap Real Estate Investment Services, listed the property and represented the buyers in the transaction. Offers came from many parts of the country.
“Woodside Village Apartments is stabilized asset in a supply-constrained market that provides the new owner with an excellent opportunity to enhance value through interior and exterior upgrades,” Blomsterberg says, noting that eight investors expressed interest in the property.
In a separate transaction concluded last week, Green Leaf Pines, a 116-unit property on Carville Drive, sold for $5.92 million to a limited liability company from Southern California. Blomsterberg represented the seller in the transaction. Green Leaf Pines was constructed in 1977.
