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Multifamily

Country Club Villas

2796 Plumas St, Reno, NV 89509

Listing Price: Request For Offer

Number of Units
50
Occupancy
93.8%
Gross SF
34,070

Investment Overview

Marcus & Millichap is proud to present for sale the Country Club Villas. Consisting of 49 rented units and one unit used as a leasing office space, Country Club Villas offers a favorable unit mix consisting of three Studios, 26 One-Bedroom, 18 Two-Bedroom/1.5 Bathroom and 3 Three-Bedroom/1.5 Bath units. The property was constructed in 1972 and has received various improvements and renovations since the current ownership acquired in 2013. Country Club Villas features four buildings either two or three storied, with steel and wood-frame construction, and wood and brick veneer.

Country Club Villas is perfectly suited for an investor to capture the value-add opportunity through an interior renovation program. The current owners have done various improvements including new flooring, paint, light fixtures, cabinets, and kitchen appliances and have seen rent appreciation as a result. The next investor could continue the path of completing the renovation to the same spec or to improve even further and press for a greater rent. An investor could also work to capture the Loss-to-Lease and improve the current in-place rents to market which could garner approximately $65 per unit in upside, as compared to neighboring properties.

The investment appeal of Country Club Villas is driven by significant upside potential in capturing the existing Loss-to-Lease as well as implementing a value-add renovation program. Given the current supply-constrained market, with a current market vacancy rate of 2.82% as reported in the Q4 2020 Johnson Perkins Griffin Apartment Survey, coupled with the strong demand for apartment living sets the stage for a favorable yield for many years to come.

Country Club Villas is located within close proximity to major employment centers including the Atlantis Casino Resort and Spa, the Peppermill Resort-Spa and Casino, the Grand Sierra Resort, and Casino, and the Reno-Tahoe International Airport. The property is also within a short distance to the Sparks Industrial Center and Business Park which is home to dozens of employers, including Q&D Construction, 3D Concrete, and Quick Space.

Investment Highlights

  • Value-Add Opportunity
  • Desirable Submarket and Location Amenities
  • Favorable Unit Mix with Studios, One, Two, and Three-Bedroom Floorplans
  • Rare Opportunity to Acquire a Community of this Size
  • Low Overall Market Vacancy - 2.82% Market-Wide
  • Loss to Lease Recapture

Exclusively Listed By

Multifamily

Country Club Villas

Listing Price: Request For Offer

Number of Units
50
Occupancy
93.8%
Gross SF
34,070

Investment Highlights

  • Value-Add Opportunity
  • Desirable Submarket and Location Amenities
  • Favorable Unit Mix with Studios, One, Two, and Three-Bedroom Floorplans
  • Rare Opportunity to Acquire a Community of this Size
  • Low Overall Market Vacancy - 2.82% Market-Wide
  • Loss to Lease Recapture

Investment Overview

Marcus & Millichap is proud to present for sale the Country Club Villas. Consisting of 49 rented units and one unit used as a leasing office space, Country Club Villas offers a favorable unit mix consisting of three Studios, 26 One-Bedroom, 18 Two-Bedroom/1.5 Bathroom and 3 Three-Bedroom/1.5 Bath units. The property was constructed in 1972 and has received various improvements and renovations since the current ownership acquired in 2013. Country Club Villas features four buildings either two or three storied, with steel and wood-frame construction, and wood and brick veneer.

Country Club Villas is perfectly suited for an investor to capture the value-add opportunity through an interior renovation program. The current owners have done various improvements including new flooring, paint, light fixtures, cabinets, and kitchen appliances and have seen rent appreciation as a result. The next investor could continue the path of completing the renovation to the same spec or to improve even further and press for a greater rent. An investor could also work to capture the Loss-to-Lease and improve the current in-place rents to market which could garner approximately $65 per unit in upside, as compared to neighboring properties.

The investment appeal of Country Club Villas is driven by significant upside potential in capturing the existing Loss-to-Lease as well as implementing a value-add renovation program. Given the current supply-constrained market, with a current market vacancy rate of 2.82% as reported in the Q4 2020 Johnson Perkins Griffin Apartment Survey, coupled with the strong demand for apartment living sets the stage for a favorable yield for many years to come.

Country Club Villas is located within close proximity to major employment centers including the Atlantis Casino Resort and Spa, the Peppermill Resort-Spa and Casino, the Grand Sierra Resort, and Casino, and the Reno-Tahoe International Airport. The property is also within a short distance to the Sparks Industrial Center and Business Park which is home to dozens of employers, including Q&D Construction, 3D Concrete, and Quick Space.

Exclusively Listed By

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