Berkadia, a distinguished leader in the commercial real estate sector, announced the sale of Sagecliff, a 220-unit multifamily community in Reno, Nevada. Managing Director Jared Glover of Berkadia Las Vegas led the transaction on behalf of the seller, a California-based real estate investment firm. Sagecliff sold to a California-based private family office.
“Reno has shown exceptional fundamentals over the past two years driven by record employment growth and historically low supply, leading to increased investor demand,” said Glover. “The market’s YoY rent growth is second highest in the U.S. with strong tailwinds as the economy continues to diversify and grow.”
Located at 2777 Northtowne Lane, Sagecliff offers 220 apartment homes in a low-density, lushly landscaped setting. Built in 1997, the community features a balanced mix of one- and two-bedroom residences, with one-bedroom units comprising 49% of the property and two-bedroom units comprising 51%. The average unit size is 941 square feet.
The property’s amenity package includes a pool and spa, fitness center, clubhouse, and detached garages. Sagecliff has also benefited from more than $2 million in capital improvements since 2021, including interior upgrades to 29 units, HVAC and water-heater replacements, curb-appeal enhancements, and refreshed amenities…