- LEV Apartments, a 129-unit student housing property in Reno, Nevada, sold for $14 million to a private real estate investment firm from Sacramento, California. The 42,996-square-foot asset was 98% occupied at sale and features primarily studio-style units adjacent to the University of Nevada.
- Kidder Mathews Senior Vice President Ben Nelson, CCIM, represented both buyer and seller, marketing the property to nearly 21,000 potential buyers nationwide despite market challenges including cap rate expansion and financing constraints.
- The seller, an experienced student housing developer, plans to focus on other markets while passing ownership to an investor committed to maintaining the property’s quality and capitalizing on value-add opportunities through upgrades.
Kidder Mathews Facilitates $14M Sale of LEV Apartments in Reno
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