The broad slowdown in commercial construction has caught up to Northern Nevada’s multifamily market.
Developers added several thousand new doors annually to apartment inventory in Reno-Sparks over the past few years, but as of May, just 760 units were under construction, Marcus & MIllichap noted in its most recent Reno metro area market update.
Kromer Investments is wrapping up the 292-unit Stone Village Apartments on Gardella Avenue and is building 350 new keys at Lemmon Landing on Lemmon and Memorial drives, while Oakmont Properties is nearing completion of the 270-unit Elysium apartments at South Virginia Street and South Hills Drive…