IDEAL Capital Group, together in a joint venture with Tilden Properties, is proud to announce the acquisition of Silver Ridge Apartments in Reno for $64,000,000. Image via Google Earth
Written by The Business Journal Staff
A Clovis-based real estate investment firm has added to its portfolio with the $64 million acquisition of an apartment building in Nevada.
The transaction by IDEAL Capital Group is part of a joint venture with Tilden Properties in Walnut Creek to purchase the 300-unit Silver Ridge Apartments in Reno. Located at 1555 Sky Valley Dr., the Silver Ridge Apartments are a mix of one-, two- and three-bedroom units with community amenities including an outdoor pool, indoor pool, clubhouse, resident lounge, racquetball court and a fitness center.
“Silver Ridge is a remarkable asset with tremendous upside in the fast-growing Reno submarket,” said Kevin Conway, director of acquisitions at IDEAL Capital Group. “Our investor network recognized the incredible value proposition, as we raised $24,000,000 of private investor equity with Tilden and were oversubscribed in record time.”
In the past seven years, job growth in Reno has increased 37%, driven by favorable state tax policies and a spillover of technology jobs from Silicon Valley, according to a news release from Ideal. Firms including Tesla, Microsoft, Google, Amazon, and Apple have poured billions into the greater Reno-Sparks region, driving substantial wage and population increases.
IDEAL has a plan to renovate the complex.
“Our $7.3M renovation plan focuses on transforming the common area amenities, repurposing certain spaces, and renovating the unit interiors to capitalize on the demand of the changing demographics in Reno. Our core focus is driving value for residents and investors alike” said Conway.
Colliers International’s Kalah Espinoza and Ryan Wagner represented the seller, a private family.
IDEAL — which along with its affiliated companies has developed or acquired more than $1.8 billion in multifamily housing, including $440 million in the last three years — is currently raising its next private capital fund.