Reno Multifamily Report - Q1 & Q2'18

Q1 & Q2 2018
Reno Multifamily Report
Prepared By:
Trevor Richardson & Chris Moton
Dickson Commercial Group Multifamily Team
Dickson Commercial Group Multifamily 2018

DCG
Multifamily Research
Dickson Commercial Group utilizes several key data sources to compile
monthly and quarterly multifamily sales and apartment rental data to
provide a unique and comprehensive overview of the Reno/Sparks
market. For multifamily owners and investors alike, this research provides
the critical data necessary to make informed and strategic decisions.
Sales Report - A Scaled Approach
The sales report compiles all multifamily sales, both large complexes and small
complexes. However we take it a step further and separate large and small
complex sizes. With this unique approach buyers and sellers can better
understand the trends in both areas of multifamily housing.
Q1 & Q2 2018Reno Multifamily Report
Rental Trends Report
The rental report illustrates rental rate
trends for both Reno and Sparks
apartment complexes with a minimum of
80 units. These complexes are comprised
of only market rate apartments,
excluding student, senior, and affordable
housing projects.
Construction Report
The construction report summarizes
current multifamily developments that
are either under construction or are in
planning. Included is a map that shows
the location for each project.
guide
Large Multifamily
11+UNITS
Small Multifamily
2-10 UNITS

# Address Sale Price # Units $/Unit Sale Date Area Year Built
1 9350 DOUBLE R BLVD $67,300,000 344 $195,640 1/30/2018 South Reno 2005
2 2300 HARVARD WAY $25,500,000 220 $115,909 4/6/2018 East Reno 1973
3 1000 HARVARD WAY $6,575,000 200 $32,875 2/14/2018 East Reno 1974
4 255 E GROVE ST $3,975,000 80 $49,688 3/30/2018 East Reno 1978
5 207 HILLCREST DR $5,620,000 58 $96,897 5/21/2018 West Reno 1963
6 450 N WELLS AVE $2,600,000 50 $52,000 3/7/2018 East Reno 2002
7 2695 CARVILLE DR $3,300,000 43 $76,744 6/1/2018 Sparks 1986
8 500 BROADWAY BLVD $6,000,000 42 $142,857 4/9/2018 East Reno 1964
9 1250 W 2ND ST $1,800,000 33 $54,545 4/20/2018 Downtown 1940
10 1415 W 7TH ST $4,200,000 32 $131,250 2/23/2018 NW Reno 1959
11 499 CAPITOL HILL AVE $2,426,640 31 $78,279 5/30/2018 East Reno 1986
➔ Class - C
➔ Buyer - Benedict Canyon Equities
➔ Sub-Market - East Reno
➔ Unit Mix - 1, 2 & 3 BR
2300 West Apartments (#2)
sales
Large Multifamily Sales (11+Units) Large Multifamily
11+UNITS

12 217 E TAYLOR ST $2,100,000 30 $70,000 3/15/2018 Midtown 1984
13 3700 KINGS ROW $2,700,000 24 $112,500 5/31/2018 NW Reno 1978
14 2698 YORI AVE $1,600,000 21 $76,190 1/30/2018 East Reno 1962
15 1170 BRINKBY AVE $1,485,000 16 $92,813 4/17/2018 West Reno 1986
16 1365 STARDUST ST $1,200,000 16 $75,000 1/31/2018 NW Reno 1964
17 240 THOMA ST $1,750,000 15 $116,667 5/30/2018 Midtown 1982
18 240 THOMA ST $1,213,360 15 $80,891 5/30/2018 Midtown 1982
19 2150 DICKERSON RD $1,250,000 15 $83,333 6/18/2018 West Reno 1960
20 377 LA RUE AVE $1,200,000 14 $85,714 1/8/2018 Midtown 1970
21 323 SAINT LAWRENCE AVE $1,250,000 14 $89,286 1/16/2018 Midtown 1970
22 310 MAINE ST $1,275,000 12 $106,250 6/26/2018 East Reno 1972
➔ Class - C
➔ Buyer - GG Stardust ApartmentsLLC
➔ Sub-Market - NW Reno
➔ Unit Mix - 1, 2 & 3 BR
Stardust Apartments (#16)
sales
Large Multifamily Sales (11+Units) Large Multifamily
11+UNITS

1 9350 DOUBLE R BLVD
2 2300 HARVARD WAY
3 1000 HARVARD WAY
4 255 E GROVE ST
5 207 HILLCREST DR
6 450 N WELLS AVE
7 2695 CARVILLE DR
8 500 BROADWAY BLVD
9 1250 W 2ND ST
10 1415 W 7TH ST
11 499 CAPITOL HILL AVE
12 217 E TAYLOR ST
13 3700 KINGS ROW
14 2698 YORI AVE
15 1170 BRINKBY AVE
16 1365 STARDUST ST
17 240 THOMA ST
18 240 THOMA ST
19 2150 DICKERSON RD
20 377 LA RUE AVE
21 323 SAINT LAWRENCE AVE
22 310 MAINE ST
sales
Q1 & Q2 2018 Sales Map
Large Multifamily
11+UNITS

Small Multifamily Sales (2-10 Units) Small Multifamily
2-10 UNITS
sales
1 837 ROBERTS ST $1,061,710 9 $117,968 4/9/2018 East Reno 1946
2 785 ROBERTS ST $537,500 9 $59,722 6/29/2018 East Reno 1955
3 765 BELLI DR $709,000 9 $78,778 1/19/2018 East Reno 1952
4 140 WONDER ST $1,308,000 9 $145,333 2/20/2018 Midtown 1977
5 630 SINCLAIR ST $605,000 8 $75,625 5/31/2018 Midtown 1964
6 634 15TH ST $800,000 8 $100,000 3/30/2018 Sparks 1967
7 2266 PATTON DR $529,000 6 $88,167 4/5/2018 Sparks 1964
8 900 EDEN CT $600,000 6 $100,000 4/24/2018 West Reno 1964
9 845 BELLI DR $505,000 6 $84,167 5/23/2018 East Reno 1958
10 901 VIRBEL LN $775,000 6 $129,167 6/22/2018 East Reno 1978
11 431 WRIGHT WAY $445,000 5 $89,000 5/1/2018 Sparks 1950
12 118 LA RUE AVE $630,000 5 $126,000 6/27/2018 Midtown 1957
13 132 VICTORIAN AVE $475,000 4 $118,750 4/2/2018 Sparks 1965
14 690 DENSLOWE DR $365,000 4 $91,250 4/3/2018 University 1952
15 3200 GYPSUM RD $620,000 4 $155,000 4/20/2018 University 1964
16 360 MARY ST $510,000 4 $127,500 4/20/2018 Midtown 1953
17 2261 PATTON DR $250,000 4 $62,500 4/25/2018 Sparks 1963
18 444 W TAYLOR ST $620,000 4 $155,000 5/4/2018 Midtown 1943
19 2210 IDLEWILD DR $625,000 4 $156,250 5/21/2018 West Reno 1956
20 1215 BERRUM LN $650,000 4 $162,500 6/22/2018 West Reno 1979
21 700 LOCUST ST $560,000 4 $140,000 6/27/2018 East Reno 1948
22 205 W 10TH ST $795,000 4 $198,750 6/29/2018 University 1931

2-10 UNITS
sales
23 80 VINE ST $695,000 4 $173,750 1/9/2018 Downtown 1987
24 340 COLORADO RIVER BLVD $475,000 4 $118,750 2/16/2018 East Reno 1960
25 1050 PARKVIEW ST $300,000 4 $75,000 2/16/2018 East Reno 1987
26 343 E 6TH ST $257,500 4 $64,375 3/7/2018 East Reno 1920
27 2621 YORI AVE $385,000 4 $96,250 3/29/2018 East Reno 1974
28 2285 PATTON DR $362,500 4 $90,625 3/30/2018 Sparks 1963
29 244 PINE ST $467,560 3 $155,853 4/30/2018 Midtown 1914
30 3707 WARREN WAY $490,000 3 $163,333 5/23/2018 West Reno 1989
31 230 CALIENTE ST $430,000 3 $143,333 6/19/2018 Midtown 1932
32 539 CAPITOL HILL AVE $422,000 3 $140,667 1/4/2018 East Reno 1986
33 318 WHEELER AVE $670,000 3 $223,333 3/22/2018 Midtown 1914
34 1255 PLUMAS ST $400,000 2 $200,000 4/6/2018 Midtown 1956
35 1204 E ST $258,000 2 $129,000 4/9/2018 Sparks 1929
36 501 WILSON AVE $375,000 2 $187,500 4/11/2018 East Reno 1937
37 765 APPLE ST $337,000 2 $168,500 5/10/2018 East Reno 1958
38 1180 VIRBEL LN $265,000 2 $132,500 5/18/2018 East Reno 1963
39 1060 12TH ST $248,000 2 $124,000 5/24/2018 Sparks 1981
40 385 BROADWAY BLVD $289,900 2 $144,950 5/29/2018 East Reno 1951
41 934 H ST $275,000 2 $137,500 5/31/2018 Sparks 1978
42 123 W PUEBLO ST $300,000 2 $150,000 6/1/2018 Midtown 1941
43 1050 12TH ST $350,000 2 $175,000 6/6/2018 Sparks 1981
44 1452 HILLSIDE DR $285,000 2 $142,500 6/7/2018 University 1960

2-10 UNITS
sales
45 2531 OROVADA ST $139,000 2 $69,500 6/8/2018 Sparks 1964
46 1901 H ST $282,000 2 $141,000 6/15/2018 Sparks 1959
47 943 HOLMAN WAY $310,000 2 $155,000 6/29/2018 Sparks 1979
48 455 5TH ST $320,000 2 $160,000 1/10/2018 Sparks 1968
49 134 GARDNER ST $204,000 2 $102,000 1/10/2018 Downtown 1939
50 1005 20TH ST $225,000 2 $112,500 1/18/2018 Sparks 1964
51 260 TALUS WAY $310,000 2 $155,000 1/26/2018 University 1985
52 1742 STRATFORD DR $284,800 2 $142,400 2/9/2018 University 1952
53 2133 PATTON DR $230,000 2 $115,000 2/12/2018 Sparks 1964
54 2550 E CYGNET CIR $270,000 2 $135,000 2/23/2018 Sparks 1974
55 980 TYLER WAY $347,000 2 $173,500 3/2/2018 Sparks 1965
56 650 CORDONE AVE $250,000 2 $125,000 3/5/2018 East Reno 1950
57 709 PLUMAS ST $400,000 2 $200,000 3/9/2018 Midtown 1928
58 3570 NEIL RD $250,000 2 $125,000 3/15/2018 East Reno 1964
59 380 W 11TH ST $441,000 2 $220,500 3/16/2018 University 1951
60 824 LOCUST ST $240,000 2 $120,000 3/16/2018 East Reno 1940
61 1010 ROBERTS ST $410,000 2 $205,000 3/20/2018 East Reno 1978
62 1065 BRINKBY AVE $370,000 2 $185,000 3/28/2018 West Reno 1960
63 820 KIRMAN AVE $310,000 2 $155,000 3/30/2018 East Reno 1956
64 365 E 8TH AVE $206,000 2 $103,000 3/30/2018 Sun Valley 1921
65 1483 E 4TH ST $110,000 1 $110,000 3/14/2018 Sparks 1925

1 837 ROBERTS ST
2 785 ROBERTS ST
3 765 BELLI DR
4 140 WONDER ST
5 630 SINCLAIR ST
6 634 15TH ST
7 2266 PATTON DR
8 900 EDEN CT
9 845 BELLI DR
10 901 VIRBEL LN
11 431 WRIGHT WAY
12 118 LA RUE AVE
13 132 VICTORIAN AVE
14 690 DENSLOWE DR
15 3200 GYPSUM RD
16 360 MARY ST
17 2261 PATTON DR
18 444 W TAYLOR ST
19 2210 IDLEWILD DR
20 1215 BERRUM LN
21 700 LOCUST ST
22 205 W 10TH ST
sales
Q1 & Q2 2018 Sales Map
Small Multifamily
2-10 UNITS
23 80 VINE ST
24 340 COLORADO RIVER BLVD
25 1050 PARKVIEW ST
26 343 E 6TH ST
27 2621 YORI AVE
28 2285 PATTON DR
29 244 PINE ST
30 3707 WARREN WAY
31 230 CALIENTE ST
32 539 CAPITOL HILL AVE
33 318 WHEELER AVE
34 1255 PLUMAS ST
35 1204 E ST
36 501 WILSON AVE
37 765 APPLE ST
38 1180 VIRBEL LN
39 1060 12TH ST
40 385 BROADWAY BLVD
41 934 H ST
42 123 W PUEBLO ST
43 1050 12TH ST
44 1452 HILLSIDE DR
45 2531 OROVADA ST
46 1901 H ST
47 943 HOLMAN WAY
48 455 5TH ST
49 134 GARDNER ST
50 1005 20TH ST
51 260 TALUS WAY
52 1742 STRATFORD DR
53 2133 PATTON DR
54 2550 E CYGNET CIR
55 980 TYLER WAY
56 650 CORDONE AVE
57 709 PLUMAS ST
58 3570 NEIL RD
59 380 W 11TH ST
60 824 LOCUST ST
61 1010 ROBERTS ST
62 1065 BRINKBY AVE
63 820 KIRMAN AVE
64 365 E 8TH AVE
65 1483 E 4TH ST

Reno/Sparks Areas
neighborhoods
North Reno - Northerly valleys with large lots and relaxed atmosphere. Consists of
Golden Valley, Raleigh Heights, Lemmon Valley, Stead, Cold Springs and Red Rock.
North Sparks - Modern community with less urban feel. New construction dotted
with parks, libraries and retail.
NW Reno - Large parks, lots of shopping in the foothills above downtown. Two
areas of Northwest Suburban and older McQueen District.
University - Home to UNR and its 20,000 students. Multi-generational
neighborhood with large SFR and apartments.
Downtown - Reno’s Central Business District. Casinos, the Riverwalk and dining
punctuate the nightlife for which Reno has been known.
Sparks - Growing community with a popular marina and Victorian Square.
Warehousing and manufacturing district. Gateway to Tahoe Reno Industrial Center.
Midtown - Hip, quirky and energetic community contains some of the hottest
restaurants, bars, boutiques and galleries. Pricey bungalows and small multiplexes
define a highly in demand market.
East Reno - Reno Tahoe International Airport, Renown Medical Center. A mix of
industrial, residential and agricultural wetland.
West Reno - Established, tight knit communities with streams, ponds and open
public spaces.
South Reno - Well preserved open spaces and suburban neighborhoods with many
urban accommodations. Southerly gate to Lake Tahoe.

Q1 & Q2 2018 Sales by Area
sales
Totals
$174.5m
Total Sales
$112k
Avg. $/Unit
1,553
# Units Sold

rental trends
$1,318Q2’18 Reno Multifamily
Average Rental Rate
1.58%Q2’18 Reno Multifamily
Average Vacancy
Reno Multifamily
Rental Trends
Reno’s apartment market rates continue to appreciate with 11.6% growth
since the end of 2017. Average Rent at Q2’18 end was $1,318 per month.
Apartment rent growth continues to be some of the highest in the nation
adding fuel to an expanding rental crisis. Key drivers continue to be job
growth from a strengthening business sector, a continuously tightening
single family market and high construction costs. Vacancies remain very
low at 1.58% with few to no concessions offered.

Studio
1br / 1ba Average
3br / 2ba2br / 1ba
rental trends
2br / 2ba
Q1 & Q2 2018 Rental Trends by Unit Type

construction
Reno Multifamily
Construction Overview
Like much of the nation Reno developers have been trying to keep up with
the strong demand for apartments. With the shortage of single family
housing and affordability issues, Reno is a market with a high demand for
new multifamily inventory.
9,238Reno Multifamily Average
Total Units

construction
Reno Multifamily Construction by Area
3,022Total Multifamily Units
Under Construction 6,216Total Multifamily Units
In Planning
Under Construction Planned Construction

Reno Multifamily Construction Highlights
● Status - Near Completion
● Type - Construction
● Units - 328
● Location - North Reno
● Status - Planned
● Type - New Construction
● Units - 1,619
● Location - NW Reno
● Status - Planned
● Units - 650
● Location - Sparks Marina
● Status - Under Construction
● Units - 581 units
● Location - South Reno
Under Construction
Park Lane
The Point At The Marina I&II
Summit Club
construction

Project Name Units Location Area Status
Sierra Vista 336 Arrowcreek Parkway South Reno Construction
The Bridges 198 Victorian Square Sparks Construction
North Peak Apartments 328 Military Road and Lemmon Drive N Reno Construction
Waterfront at Sparks Marina 209 Around Existing Parking Garage @ Sparks Marina Sparks Construction
Summit Club 581 Mt. Rose Highway South Reno Construction
Vida 312 Southeast Corner Sharlands & Mae Anne Reno Construction
Lyfe at the Marina 280 Sparks Market Sparks Construction
Latitude 39 148 East Side Double R Boulevard South Reno Construction
The Harvest-Phase II 300 Damonte Ranch South Reno Construction
Lumina-Phase I 330 Pioneer Meadows North Sparks Construction
Total Under Construction 3,022
Project Name Units Location Area Status
The Villas at Keystone Canyon Phase II 96 Keystone Avenue & North McCarran Boulevard Reno Planning Stages
4th Street Apartments 164 West 4th Street, East of South McCarran Boulevard NW Reno Planning Stages
Silverado Development 96 Wingfield Springs North Sparks Planning Stages
Vista Rafael Apartments 416 North Virginia Street & Vista Rafael Parkway N Reno Planning Stages
LandCap Project 300 Prater Way & Vista Boulevard Sparks Planning Stages
Lumina-Phase II 220 Pioneer Meadows North Sparks Planning Stages
The Point at the Marina - Phase I 308 East of Sparks Marina Sparks Planning Stages
The Point at the Marina - Phase II 342 East of Sparks Marina Sparks Planning Stages
Oakmont Properties 440 Double R Boulevard & Technology Way South Reno Planning Stages
Confidential 486 South Reno Market South Reno Planning Stages
Park Lane-Reno Urban Development 1619 Park Lane Mall Site Midtown Reno Planning Stages
Silverwing Development 200 Victorian Square Sparks Planning Stages
Deco 209 Victorian Square Sparks Planning Stages
The Atrium 132 Victorian Square Sparks Planning Stages
The Lakes at Sky Vista 768 Sky Vista Parkway, West Lemmon Valley Road N Reno Planning Stages
Spectrum-Dandini Development 420 Northeast Corner of US Highway 395 & Dandini Boulevard N Reno Planning Stages
Total Planned 6,216
Planned & Under Const. Total: 9,238
construction

Actual Job Growth in the Study Area continued to reflect a
decreased from the last reporting period for the second
straight quarter. The November 2017 report reflected
52,514 new jobs in the study area, February 2018 reflected
46,917 new jobs, and May 2018 reflected 41,915 for a net
decrease of 10,599 new jobs since November 2017. The
41,915 new jobs through May 2018 fell below the Scenario
B projection of 43,582 and is off the EPIC report 52,400 new
jobs that were to be created by December 2019.
The EDAWN CEO and Business Development Updates for
July 2018 explain “While very close to projections, given
the anticipated growth this year we expect to exceed the
projections by the end of this year.”
Epic Report Numbers
The U.S. Bureau of Labor Statistics Unemployment Rate for the
Reno Area improved with a decrease from 4.1% in March 2018 to
3.3% in May 2018. The Reno Area unemployment rate was well
below the 4.1% United States nation rate. The Reno Area
Manufacturing sector continued to lead the Reno area
employment growth rate with a 22.4% year over year increase in
jobs.
Reno Area Unemployment
market info
Market Info

email trichardson@dicksoncg.com
office 775.850.3031
cell 775.233.0754
Trevor Richardson
Multifamily & Investment Property Specialist
Sources: Washoe County Assessor, Johnson Perkins Griffin Real Estate Appraiser, EDAWN
Disclaimer: All information contained herein is from sources deemed reliable: however, no
representation or warranty is made to the accuracy thereof.
Art: Icons made by( Gregor Cresnar) (Chanut is Industries) (Freepik) (Icomoon) (Madebyoliver) from
www.flaticon.com
Institutional
Experience,
Local Knowledge
The team at Dickson Commercial Group has been working in the
Northern Nevada market for nearly 35 years. Our seasoned group of
real estate professionals offers deep and diverse market knowledge,
proven problem solving abilities and resourcefulness with a
complete focus on commercial real estate.
We work as a team in the truest sense of the word. We collaborate to
find the best solutions and we leverage the specific knowledge of
each agent. Our multi-faceted brokerage provides local, national
and international clients the full array of commercial real estate
services. Agents are trained specialists with accreditation through
the Society of Industrial and Office Realtors (SIOR) and Certified
Commercial Investment Members (CCIM).
about us
DCG Multifamily Team
email cmoton@dicksoncg.com
office 775.850.3143
cell 775.870.7142
Chris Moton
Multifamily & Investment Property Specialist

Reno Multifamily Report - Q1 & Q2'18

Reno Multifamily Report - Q1 & Q2'18

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