Image via theapexskyvalley.com

Clovis-based IDEAL Capital Group has announced the sale of The Apex at Sky Valley in Reno, Nevada, for $101.2 million — what the investment group calls “a record-breaking price for its location and vintage.”

Since purchasing the property in September 2020, IDEAL’s total equity increased from $24 million to $52.5 million, equating to a 63.2% compounded annual rate of return, according to a news release.

IDEAL purchased Apex in September 2020 for $64 million. Formerly known as Silver Ridge Apartments, it became Apex at Sky Valley as part of a rebranding. IDEAL also renovated the clubhouse and added a state-of-the-art fitness center and children’s play area, in addition to new paint and modernized interior renovations.

Washoe County, in which Reno is located, has grown by more than 15% over the past decade, according to the latest U.S. Census data. Reno experienced historical demand for apartment rentals as more and more people moved to the area in search of a more active, low tax, affordable lifestyle, according to the release.

“Reno is home to world class employers such as Apple, Google, and Tesla. Thousands of out of staters moved to Reno during the pandemic in search of low taxes and high quality of life. Apex was transformed into a modern, affordable luxury community, creating value for our residents, the community, and our investors,” says Kevin Conway, managing director of IDEAL Capital Group.

Institutional Property Advisors represented the buyer, Benedict Canyon Equities, and IDEAL.