Berkadia Secures $11.53 Million in Joint Venture Equity for Leggera Development’s Build-for-Rent Housing Project in Nevada
Reno, Nev. – April 12, 2024 – Berkadia announced today that it has arranged $11.53 million in joint venture equity for Five Ridges, a to-be-built 83-unit townhome-style development in Reno, Nevada.
Cody Kirkpatrick, Chinmay Bhatt, and Noam Franklin of Berkadia JV Equity & Structured Capital and Jared Glover, Senior Director of Investment Sales at Berkadia Nevada represented the sponsor, Leggera Development, to arrange the joint venture equity.
Berkadia arranged the equity through a global investment manager.
“The bar is high for investment into ground-up development for institutional equity in today’s macroeconomic environment,” said Kirkpatrick. “However, for well-located opportunities alongside proven development teams that deliver high-quality product, institutional interest remains.”
“Five Ridges presented Leggera Development an incredible opportunity to capitalize on the growing demand for and limited supply of townhome product in Reno,” said Jared Glover. “The market continues to attract outside capital as the economy diversifies, bringing with it an ever-expanding employment base of higher wage-earning jobs.”
Located at 545 Highland Ranch Parkway, Five Ridges will be built on a 6.15-acre site and will feature units with sizes ranging from 1,494 to 1,969 square feet, each consisting of three bedrooms and two-and-a-half bathrooms. The property is situated within Sparks, Nevada’s Five Ridges Master Planned Community – a 422-acre community comprising 1,246 residential units across ten villages, including single-family detached homes, townhomes, multifamily, commercial properties, two community parks with 100 acres of open space, and 10 acres of amenitized community gathering areas.
Dealmaker: Berkadia Secures $12M in JV Equity in Nevada | MBA Newslink
Leggera Development’s Build-for-Rent Housing Project in Reno, Nev., Secures $11.53MM | The Registry