Exterior view of the Park Place Condominiums complex in Reno, seen in this 2018 photo.
Courtesy Photo
The 71-unit Park Place Condominiums complex, located at 175-197 E. Grove St. in Reno, recently sold for $8.78 million.
According to a July 1 press release from Kidder Mathews, company First Vice President Ben Nelson represented both sellers — Nevada-based companies Synergy Wealth, LLC, and Ruby Red Investments, LLC — and the buyer in the transaction.
According to the Washoe County Recorder’s Office, the sale closed June 22; the buyer is listed as California-based Garden Property, LLC.
The 39,855-square-foot property sits on 1.98 acres; its 71 units are split among seven buildings.
Park Place was 99% occupied at the time of the sale, “with 50 one-bedroom/one-bathroom units and 21 two-bedroom/two-bathroom units,” according to the July 1 press release.
“Although this transaction was challenging as a fractured condominium deal, 71 units out of 93 units for sale with separate parcel numbers, we had a great deal of buyer interest and plenty of compelling offers…” Nelson said in a statement. “With the burgeoning growth to … Midtown, lack of available inventory, and value-add opportunity, demand for multifamily product could not be stronger.
“There is a lot of capital flooding into the multifamily space, both with 1031 Exchange funds and conventional financing, which made this asset all the more attractive.”
The property, which is located just south of Midtown near the under-construction Reno Experience District property, “will benefit from the quickly gentrifying Brinkby/Grove submarket, as well as the Midtown District,” according to the press release.
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