LAS VEGAS — November 3, 2021 — Berkadia announced today the $66 million sale of Northtowne Summit, a 220-unit garden-style multifamily property in Reno, Nevada. Director Jared Glover of Berkadia Las Vegas 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. The deal closed on November 1.
“Reno’s focus on economic diversification over the past decade has enabled the city to outperform expectations throughout COVID, trending back towards full employment with continued record population growth,” said Glover. “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, Northtowne Summit features one- and two-bedroom floor plans with air conditioning, in-unit washers and dryers and a private balcony or patio. Community amenities include a fitness center, a spa, a picnic area, a clubhouse, a swimming pool and a business center. The property affords residents convenient access to Reno-Tahoe International Airport, Route 80 and the shops and restaurants along N McCarran Boulevard.