LAS VEGAS – December 5, 2018 – Berkadia announced today the sale of Alder Creek Villas, a 213-unit garden-style multifamily property in Reno, Nevada. Managing Director Brian Anderson, Senior Director Angela Powers-Armstrong and Associate Director Jared Glover completed the sale on behalf of the seller, Miami-based Altis Cardinal, LLC, and the buyer, Alder Creek Villas, LLC. The deal closed on November 19.
“The new owner plans to make significant upgrades to the property’s curb appeal, including new siding, painting the building exteriors and gating the property,” said Anderson. “Interior units will also be upgraded with higher-end finishes. The Alder Creek Villas submarket currently reports a 98 percent occupancy rate, and the property is positioned several hundred dollars under its competitors.”
Alder Creek Villas features studio, one-, two- and three-bedroom floor plans. Residents have access to a pool, an on-site laundry room, high speed internet and on-site parking. Located at 950 Nutmeg Place, the property is conveniently accessible to the Reno-Tahoe International Airport, Bartley Ranch Park and The University of Nevada.