Berkadia Completes Sale and Secures Financing for Multifamily in Nevada
LAS VEGAS and INCLINE-VILLAGE, Nev. – May 12, 2023 – Berkadia Institutional Solutions announced today the sale of and financing secured for Westlook Resort Living, a 192-unit garden-style multifamily property located in Reno, Nevada. Director Jared Glover of Berkadia Las Vegas completed the sale on behalf of the seller. The deal closed on April 27.
“Westlook Resort Living provided the buyer a rare opportunity to acquire a newly built, core asset in Reno with best-in-class finishes,” said Glover. “Northern Nevada’s job growth and economic diversification over the past few years has been nothing short of remarkable. With companies like Tesla, Panasonic and others continuing to expand in the market, out-of-state investors have taken notice with an appetite to place capital.”
Managing Director Clay Akiwenzie of Berkadia Incline Village secured the financing for this transaction.
“Reno had a fantastic growth story pre-pandemic which has only gotten stronger and more durable during and post-pandemic,” said Akiwenzie. “We were fortunate to have a decisive borrower with clear vision to see through the volatility and recognize the value creation opportunity at Westlook.”
Located at 4275 W 4th Street, Westlook Resort Living features one-, two-, and three-bedroom floor plans with quartz countertops in bathrooms and kitchens. Community amenities include a clubhouse, a fitness center, a swimming pool, bocce and cornhole courts, and a dog park. Residents are afforded convenient access to Washoe County Golf Course, Idlewild Park, Terry Lee Wells Nevada Discovery Museum, Terrace Sports Complex, Peppermill Resort Spa Casino, and the shops and restaurants along North McCarran Boulevard.