In $66 million deal, Reno’s Northtowne Summit multifamily property sold
Commercial real estate firm Berkadia Real Estate Advisors recently announced the sale of Northtowne Summit, a 220-unit garden-style multifamily property in Reno. c
According to a Nov. 3 press release from the firm, Director Jared Glover of Berkadia’s Las Vegas office completed the sale on behalf of the seller, California-based Seagate Properties, and the buyer, Kennedy-Wilson Fund VI, a commingled fund managed by Beverly Hills-based Kennedy Wilson.
“Reno’s focus on economic diversification over the past decade has enabled the city to outperform expectations throughout COVID, trending back toward full employment with continued record population growth,” Glover said in a statement. “Kennedy Wilson Fund VI plans to capitalize on these strong market fundamentals, acquiring Northtowne Summit off-market, with the ability to implement a renovation program and further improve the property.”
Located at 2777 Northtowne Lane, the 680,842-square-foot Northtowne Summit property features 220 one- and two-bedroom units. Amenities include a fitness center, a spa, a picnic area, a clubhouse, a swimming pool and a business center.
According to county records, Seagate Properties acquired the property in 2017 for $34.2 million.
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