Berkadia announced earlier this month the sale of The Element, a 206-unit, garden-style multifamily property in Reno. Managing Director Jared Glover of Berkadia Nevada led the transaction on behalf of the seller, a private Los Angeles owner. The Element sold for $41 million to a private buyer.
“Multifamily fundamentals throughout Reno continue to outperform the broader West Coast leading to heightened investor demand for new acquisitions in the market,” said Glover. “The Element presented the buyer an opportunity to acquire a well performing asset in South Reno, currently the top performing submarket in the city.”
Walkable to Whole Foods Market, Target, and an array of restaurant and retail offerings, The Element is also located adjacent to the Meadowood Mall…