Reno Multifamily Report - Q3'18

Q3 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.
Q3 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
1 350 HARBOUR COVE DR $51,120,000 240 $213,000 09/28/2018 Sparks 2003
2 300 HOLCOMB AVE $3,150,000 43 $73,256 09/25/2018 Midtown 1972
3 456 NASH ST $2,224,000 24 $92,667 09/28/2018 Sparks 1986
4 1700 LOCUST ST $2,450,000 17 $144,118 09/11/2018 East Reno 1986
5 165 LANCASTER DR $2,900,000 14 $207,143 09/27/2018 North Reno 2008
6 810 MILL ST $860,000 14 $61,429 07/16/2018 East Reno 1964
sales
Large Multifamily Sales (11+Units) Large Multifamily
11+UNITS
Dickson Commercial Group Multifamily 2018Q3 2018
➔ Class - A
➔ Buyer - Sunroad Enterprises, Inc.
➔ Sub-Market - Sparks Marina
➔ Unit Mix - 1, 2 & 3 BR
Marina Village Apartments (#1)
➔ Class - C
➔ Buyer - Kim Kengle
➔ Sub-Market - Midtown
➔ Unit Mix - Studio & 1 BR
Civic Center Apartments (#2)

Small Multifamily Sales (2-10 Units) Small Multifamily
2-10 UNITS
sales
# Address Sale Price # Units $/Unit Sale Date Area Year Built
7 820 N VIRGINIA ST $730,000 10 $73,000 08/27/2018 University 1938
8 201 W 10TH ST $1,500,000 9 $166,667 08/01/2018 University 1932
9 1375 CARLIN ST $1,300,000 8 $162,500 09/05/2018 NW Reno 1963
10 3596 GYPSUM RD $1,225,000 8 $153,125 07/02/2018 University 1979
11 264 THOMA ST $1,100,000 8 $137,500 07/20/2018 Midtown 1985
12 340 CHENEY ST $1,100,000 8 $137,500 07/20/2018 Midtown 1963
13 950 WATT ST $1,100,000 6 $183,333 08/01/2018 Midtown 1945
14 1445 G ST $315,000 6 $52,500 07/31/2018 Sparks 1935
15 3260 GYPSUM RD $649,900 4 $162,475 09/20/2018 University 1964
16 321 9TH ST $485,000 4 $121,250 07/30/2018 Sparks 1904
17 3635 KINDRED AVE $386,000 4 $96,500 09/27/2018 East Reno 1984
18 1007 NEVADA ST $129,769 4 $32,442 09/21/2018 University 1960
19 3673 GRANT DR $539,000 3 $179,667 09/20/2018 West Reno 1986
20 2011 H ST $314,000 3 $104,667 09/19/2018 Sparks 1947
21 425 CRAMPTON ST $696,500 2 $348,250 08/29/2018 East Reno 2015
22 917 RALSTON ST $442,500 2 $221,250 08/06/2018 University 1957
23 538 MONROE ST $422,500 2 $211,250 07/26/2018 Midtown 1956
24 2320 SULLIVAN LN $419,000 2 $209,500 09/07/2018 Sparks 2007
Q3 2018

Small Multifamily Sales (2-10 Units) Small Multifamily
2-10 UNITS
sales
25 1301 POWELL LN $400,000 2 $200,000 08/20/2018 East Reno 2004
26 950 EDEN CT $361,098 2 $180,549 07/13/2018 West Reno 1959
27 745 APPLE ST $355,000 2 $177,500 09/06/2018 East Reno 1958
28 1052 WRIGHT ST $350,000 2 $175,000 07/11/2018 Midtown 1955
29 1013 S ARLINGTON AVE $350,000 2 $175,000 08/24/2018 West Reno 1957
30 1007 10TH ST $345,000 2 $172,500 09/19/2018 Sparks 1969
31 4175 W 4TH ST $313,479 2 $156,740 08/24/2018 West Reno 1963
32 1140 BUENA VISTA AVE $312,500 2 $156,250 07/12/2018 University 1938
33 1060 12TH ST $310,000 2 $155,000 07/06/2018 Sparks 1981
34 824 LOCUST ST $310,000 2 $155,000 09/14/2018 East Reno 1940
35 1080 WILSON AVE $275,000 2 $137,500 07/16/2018 East Reno 1957
36 1225 ARNOLD DR $265,000 2 $132,500 07/19/2018 Sparks 1963
37 895 LOCUST ST $257,000 2 $128,500 09/21/2018 East Reno 1940
38 1919 G ST $235,000 2 $117,500 08/24/2018 Sparks 1962
39 2475 ORANGE LN $205,000 2 $102,500 09/14/2018 East Reno 1962
40 160 DAISY MAE LN $170,000 2 $85,000 07/18/2018 Sun Valley 1942
41 1365 E 11TH ST $100,000 2 $50,000 09/19/2018 Sparks 1961
42 460 E 7TH ST $91,500 2 $45,750 09/28/2018 East Reno 1926
Q3 2018

Q3 2018 Sales Map
1 350 HARBOUR COVE DR
2 300 HOLCOMB AVE
3 456 NASH ST
4 1700 LOCUST ST
5 165 LANCASTER DR
6 810 MILL ST
7 820 N VIRGINIA ST
8 201 W 10TH ST
9 1375 CARLIN ST
10 3596 GYPSUM RD
11 264 THOMA ST
12 340 CHENEY ST
13 950 WATT ST
14 1445 G ST
15 3260 GYPSUM RD
16 321 9TH ST
17 3635 KINDRED AVE
18 1007 NEVADA ST
19 3673 GRANT DR
20 2011 H ST
21 425 CRAMPTON ST
sales
22 917 RALSTON ST
23 538 MONROE ST
24 2320 SULLIVAN LN
25 1301 POWELL LN
26 950 EDEN CT
27 745 APPLE ST
28 1052 WRIGHT ST
29 1013 S ARLINGTON AVE
30 1007 10TH ST
31 4175 W 4TH ST
32 1140 BUENA VISTA AVE
33 1060 12TH ST
34 824 LOCUST ST
35 1080 WILSON AVE
36 1225 ARNOLD DR
37 895 LOCUST ST
38 1919 G ST
39 2475 ORANGE LN
40 160 DAISY MAE LN
41 1365 E 11TH ST
42 460 E 7TH ST
Q3 2018

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.
Reno/Sparks Areas
neighborhoods

Q3 2018 Sales by Area
sales
Totals
$80.5m
Total Sales
$167k
Avg. $/Unit
481
# Units Sold

rental trends
$1,319Q3’18 Reno Multifamily
Average Rental Rate
2.79%Q3’18 Reno Multifamily
Average Vacancy
Reno Multifamily
Rental Trends
Apartment demand for Reno remains very strong with limited inventory
available. Average rental rates leveled off during Q3 mirroring Q3 of 2017.
Vacancy increased to 2.79% toward the end of the summer moving season. 2018
has had strong rent growth year-to-date of 11.8%.

Studio
1br / 1ba Average
3br / 2ba2br / 1ba
rental trends
2br / 2ba
Q3 2018 Rental Trends by Unit Type

Q3 2018Reno Multifamily Report
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.
9,742Reno Multifamily Average
Total Units

construction
Reno Multifamily Construction by Area
3,487Total Multifamily Units
Under Construction 6,255Total Multifamily Units
In Planning
Under Construction Planned Construction
Q3 2018

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 - 342
● Location - Sparks Marina
● Status - Under Construction
● Units - 581 units
● Location - South Reno
North Peak
Park Lane
The Point At The Marina 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 North 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 NW Reno Construction
Lyfe at the Marina 280 East of Sparks Marina Sparks Construction
Azure 308 East of Sparks Marina Sparks Construction
The Deco 209 Victorian Square Sparks Construction
Silverado Development 96 Wingfield Springs North Sparks Construction
The Harvest-Phase II 300 Damonte Ranch South Reno Construction
Lumina-Phase I 330 Pioneer Meadows North Sparks Construction
Total Under Construction 3,487
Project Name Units Location Area Status
The Villas at Keystone Canyon Phase II 96 Keystone Avenue & North McCarran Boulevard NW Reno Planning Stages
4th Street Apartments 164 West 4th Street, East of South McCarran Boulevard West Reno Planning Stages
Azure Phase II 340 East of Sparks Marina Sparks Planning Stages
Vista Rafael Apartments 416 North Virginia Street & Vista Rafael Parkway North Reno Planning Stages
LandCap Project 300 Prater Way & Vista Boulevard Sparks Planning Stages
Lumina-Phase II 220 Pioneer Meadows North Sparks Planning Stages
Oddie Apartments 312 Southeast Corner of El Rancho Drive & Greenbrae Drive 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
The Wolff Company (Damonte) 486 South Reno Market South Reno Planning Stages
Park Lane-Reno Urban Development 1619 Park Lane Mall Site East Reno Planning Stages
Silverwing Development 200 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 North Reno Planning Stages
Spectrum-Dandini Development 420 Northeast Corner of US Highway 395 & Dandini Boulevard North Reno Planning Stages
Total Planned 6,255
Planned & Under Const. Total: 9,742
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
Q3 2018

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
Q3 2018

Reno Multifamily Report - Q3'18

Reno Multifamily Report - Q3'18

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