Clovis-based IDEAL Capital Group plans interior and exterior renovations to the High Rock 5300 Apartments in Sparks, Nevada.

Clovis-based IDEAL Capital Group announced it has acquired a 264-unit apartment complex in Sparks, Nevada for $88 million.

The High Rock 5300 Apartments were built in 2002. IDEAL plans to spend about $1.4 million renovating the unit interiors as well as the exterior and common areas.

High Rock features one-, two- and three-bedroom units with custom cabinetry, crown molding, fireplaces in select units, oversized closets and stainless-steel appliances.

Community amenities include a resort-style swimming pool with cabanas and spa, Wi-Fi lounge, shuffleboard, state-of-the-art fitness center and covered parking throughout the property.

IDEAL plans interior upgrades to drive rental demand including upgraded lighting, undermount sinks, fresh paint and quartz countertops.

“The Greater Reno market has experienced the second highest job growth in the nation over the past two years which is being driven by favorable tax policies and a spillover of Silicon Valley technology jobs,” says Kevin Conway, Managing Director of IDEAL Capital Group. “We are planning to capitalize on the red-hot demand that the Reno-Sparks market continues to experience as firms such as Apple, Google, and Tesla further expand their Nevada footprint.”

IDEAL plans to own and operate High Rock on behalf of its investors for the long-term, “optimizing steady, passive cash flow during the hold period,” according to a news release.

Institutional Property Advisor’s Phil Saglimbeni represented both the seller and IDEAL.