Apartments sold for $15M

A Santa Barbara-based buyer has acquired The Element Apartments on Delucchi Lane for $15 million.

M3 Multifamily bought the 206-unit rental community from FFA Multifamily, a real estate investment firm headquartered in San Francisco, according to Aiman Noursoultanova of CBRE Reno, who represented the seller in the transaction.

“We are pleased to establish M3 Multifamily’s operations in Reno with the acquisition of The Element,” said Jon Martin, a principal with the company, in a statement. “We believe Reno is poised for significant economic growth and we look forward to making more investments and expanding our base of operations in the community.”

According to Noursoultanova, “The sale of The Element Apartments represents a vote of confidence in the growth of northern Nevada and the additional value to be generated within the Class B sector of the multifamily market.

“Strong forecast growth — coupled with the property’s desirable location in the heart of Reno’s premier submarket — bodes well for the property’s future performance,” she said.

The community’s location is within walking distance to the one-million-square-foot Meadowood Regional Mall, Whole Foods, NV Energy Headquarters, Microsoft licensing headquarters, Intuit Reno’s office, various restaurants and shopping.

Numerous recent capital improvements and upgrades have been completed at The Element. The property comprises 128 one-bedroom/one bath units and 78 two-bedroom/one baths units. Amenities include a heated swimming pool, two lighted tennis courts and a new fitness center.