Clovis-based IDEAL Capital Group purchased the 324-unit Vista Ridge Apartments in Reno, Nevada. apartments.com photo

IDEAL Capital Group in Clovis announced the purchase of the 324-unit Vista Ridge Apartments in Reno, Nevada.

The cost was $76 million, and the group plans to spend nearly $5.5 million upgrading unit interiors, repositioning the clubhouse, sports courts, fitness center and pool area, and extensively renovating building exteriors, according to a news release.

The complex features one, two, and three-bedroom units across 20 acres. Vista Ridge’s unit interiors remain in their original condition, allowing IDEAL to implement a complete modernization plan to increase unit quality, according to the release.

The apartments were built in 1997.

“Vista Ridge is a high-quality apartment in the desirable West Reno submarket, proximate to jobs at Tesla, Apple, Google, and the University of Nevada,” said Kevin Conway, managing director of IDEAL Capital Group. “The fund was fully subscribed in record time. Investors will receive steady, monthly cash flow during the hold period.”

On behalf of its investors for the long-term, IDEAL’s goal is to own and operate Vista Ridge, optimizing steady, passive cash flow and equity growth during the hold period, according to the release.

Marcus and Millichap’s Kenny Blomsterberg represented the seller and IDEAL in the off-market transaction.