Q Reno Multifamily Report

Transcription

1 Prepared By: Trevor Richardson & Chris Moton Dickson Commercial Group Multifamily Team

2 guide DCG Multifamily Research Dickson Commercial Group utilizes several key data sources to compile monthly and quarterly multifamily sales and apartment rental data to provide a unique and comprehensive overview of the Reno/ market. For multifamily owners and investors alike, this research provides the critical data necessary to make informed and strategic decisions. Rental Trends Report The rental report illustrates rental rate trends for both Reno and apartment complexes with a minimum of 80 units. These complexes are comprised of only market rate apartments, excluding student, senior, and affordable housing projects. Sales Report - A Scaled Approach The sales report compiles all multifamily sales, both large complexes and small complexes. However we take it a step further and separate large and small complex sizes. With this unique approach buyers and sellers can better understand the trends in both areas of multifamily housing. Report Large Multifamily 11+UNITS The construction report summarizes current multifamily developments that are either under construction or are in planning. Included is a map that shows the location for each project. Small Multifamily -10 UNITS

3 sales Large Multifamily Sales (11+Units) Address # Large Multifamily 11+UNITS Sale Price # Units $/Unit Sale Date Area Year Built HARBOUR COVE DR $51,10, $13,000 09/8/ HOLCOMB AVE $3,150, $73,56 09/5/018 Midtown NASH ST $,4,000 4 $9,667 09/8/ LOCUST ST $,450, $144,118 09/11/ LANCASTER DR $,900, $07,143 09/7/018 North Reno MILL ST $860, $61,49 07/16/ Marina Village Apartments (#1) Class - A Buyer - Sunroad Enterprises, Inc. Sub-Market - Marina Unit Mix - 1, & 3 BR Civic Center Apartments (#) Class - C Buyer - Kim Kengle Sub-Market - Midtown Unit Mix - Studio & 1 BR

4 sales Small Multifamily Sales (-10 Units) # Address Small Multifamily -10 UNITS Sale Price # Units $/Unit Sale Date Area Year Built $730, $73,000 08/7/018 University N VIRGINIA ST 8 01 W 10TH ST $1,500,000 9 $166,667 08/01/018 University CARLIN ST $1,300,000 8 $16,500 09/05/018 NW Reno GYPSUM RD $1,5,000 8 $153,15 07/0/018 University THOMA ST $1,100,000 8 $137,500 07/0/018 Midtown CHENEY ST $1,100,000 8 $137,500 07/0/018 Midtown WATT ST $1,100,000 6 $183,333 08/01/018 Midtown G ST $315,000 6 $5,500 07/31/ GYPSUM RD $649,900 4 $16,475 09/0/018 University TH ST $485,000 4 $11,50 07/30/ KINDRED AVE $386,000 4 $96,500 09/7/ NEVADA ST $19,769 4 $3,44 09/1/018 University GRANT DR $539,000 3 $179,667 09/0/018 West Reno H ST $314,000 3 $104,667 09/19/ CRAMPTON ST $696,500 $348,50 08/9/ RALSTON ST $44,500 $1,50 08/06/018 University MONROE ST $4,500 $11,50 07/6/018 Midtown SULLIVAN LN $419,000 $09,500 09/07/

5 sales Small Multifamily Sales (-10 Units) Small Multifamily -10 UNITS POWELL LN $400,000 $00,000 08/0/ EDEN CT $361,098 $180,549 07/13/018 West Reno APPLE ST $355,000 $177,500 09/06/ WRIGHT ST $350,000 $175,000 07/11/018 Midtown S ARLINGTON AVE $350,000 $175,000 08/4/018 West Reno TH ST $345,000 $17,500 09/19/ W 4TH ST $313,479 $156,740 08/4/018 West Reno BUENA VISTA AVE $31,500 $156,50 07/1/018 University TH ST $310,000 $155,000 07/06/ LOCUST ST $310,000 $155,000 09/14/ WILSON AVE $75,000 $137,500 07/16/ ARNOLD DR $65,000 $13,500 07/19/ LOCUST ST $57,000 $18,500 09/1/ G ST $35,000 $117,500 08/4/ ORANGE LN $05,000 $10,500 09/14/ DAISY MAE LN $170,000 $85,000 07/18/018 Sun Valley E 11TH ST $100,000 $50,000 09/19/ E 7TH ST $91,500 $45,750 09/8/

6 sales Sales Map HARBOUR COVE DR 917 RALSTON ST 300 HOLCOMB AVE MONROE ST NASH ST 4 30 SULLIVAN LN LOCUST ST POWELL LN LANCASTER DR EDEN CT MILL ST APPLE ST 7 80 N VIRGINIA ST WRIGHT ST 8 01 W 10TH ST S ARLINGTON AVE CARLIN ST TH ST GYPSUM RD W 4TH ST THOMA ST BUENA VISTA AVE CHENEY ST TH ST WATT ST LOCUST ST G ST WILSON AVE GYPSUM RD ARNOLD DR TH ST LOCUST ST KINDRED AVE G ST NEVADA ST ORANGE LN GRANT DR DAISY MAE LN H ST E 11TH ST 1 45 CRAMPTON ST E 7TH ST

7 neighborhoods Reno/ Areas North Reno - Northerly valleys with large lots and relaxed atmosphere. Consists of Golden Valley, Raleigh Heights, Lemmon Valley, Stead, Cold Springs and Red Rock. North - Modern community with less urban feel. New construction dotted with parks, libraries and retail. NW Reno - Large parks, lots of shopping in the foothills above downtown. Two areas of Northwest Suburban and older McQueen District. University - Home to UNR and its 0,000 students. Multi-generational neighborhood with large SFR and apartments. Downtown - Reno s Central Business District. Casinos, the Riverwalk and dining punctuate the nightlife for which Reno has been known. - Growing community with a popular marina and Victorian Square. Warehousing and manufacturing district. Gateway to Tahoe Reno Industrial Center. Midtown - Hip, quirky and energetic community contains some of the hottest restaurants, bars, boutiques and galleries. Pricey bungalows and small multiplexes define a highly in demand market. - Reno Tahoe International Airport, Renown Medical Center. A mix of industrial, residential and agricultural wetland. West Reno - Established, tight knit communities with streams, ponds and open public spaces. South Reno - Well preserved open spaces and suburban neighborhoods with many urban accommodations. Southerly gate to Lake Tahoe.

8 sales Totals Sales by Area Total Sales $80.5m Avg. $/Unit $167k # Units Sold 481

9 rental trends Reno Multifamily Rental Trends Apartment demand for Reno remains very strong with limited inventory available. Average rental rates leveled off during Q3 mirroring Q3 of 017. Vacancy increased to.79% toward the end of the summer moving season. 018 has had strong rent growth year-to-date of 11.8%. Q3 18 Reno Multifamily Average Rental Rate $1,319 Q3 18 Reno Multifamily Average Vacancy.79%

10 rental trends Rental Trends by Unit Type Studio br / 1ba 3br / ba 1br / 1ba br / ba Average

11 construction Reno Multifamily Overview Like much of the nation Reno developers have been trying to keep up with the strong demand for apartments. With the shortage of single family housing and affordability issues, Reno is a market with a high demand for new multifamily inventory. Reno Multifamily Average Total Units 9,74

12 construction Reno Multifamily by Area Under Total Multifamily Units Under Planned 3,487 Total Multifamily Units In Planning 6,55

13 construction Reno Multifamily Highlights North Peak Status - Near Completion Type - Units - 38 Location - North Reno Park Lane Status - Planned Type - New Units - 1,619 Location - NW Reno The Point At The Marina II Status - Planned Type - New Units - 34 Location - Marina Summit Club Status - Under Type - New Units units Location - South Reno

14 construction Project Name Units Location Area Status Sierra Vista 336 Arrowcreek Parkway South Reno The Bridges 198 Victorian Square North Peak Apartments 38 Military Road and Lemmon Drive North Reno Waterfront at Marina 09 Around Existing Parking Marina Summit Club 581 Mt. Rose Highway South Reno Vida 31 Southeast Corner Sharlands & Mae Anne NW Reno Lyfe at the Marina 80 East of Marina Azure 308 East of Marina The Deco 09 Victorian Square Silverado Development 96 Wingfield Springs North The Harvest-Phase II 300 Damonte Ranch South Reno Lumina-Phase I 330 Pioneer Meadows North Location Area Status Total Under Project Name 3,487 Units The Villas at Keystone Canyon Phase II 96 Keystone Avenue & North McCarran Boulevard NW Reno 4th Street Apartments 164 West 4th Street, East of South McCarran Boulevard West Reno Azure Phase II 340 East of Marina Vista Rafael Apartments 416 North Virginia Street & Vista Rafael Parkway North Reno LandCap Project 300 Prater Way & Vista Boulevard Lumina-Phase II 0 Pioneer Meadows North Oddie Apartments 31 Southeast Corner of El Rancho Drive & Greenbrae Drive The Point at the Marina - Phase II 34 East of Marina Oakmont Properties 440 Double R Boulevard & Technology Way South Reno The Wolff Company (Damonte) 486 South Reno Market South Reno Park Lane-Reno Urban Development 1619 Park Lane Mall Site Silverwing Development 00 Victorian Square The Atrium 13 Victorian Square The Lakes at Sky Vista 768 Sky Vista Parkway, West Lemmon Valley Road North Reno Spectrum-Dandini Development 40 Northeast Corner of US Highway 395 & Dandini Boulevard North Reno Total Planned Planned & Under Const. Total: 6,55 9,74

15 market info Market Info Epic Report Numbers Actual Job Growth in the Study Area continued to reflect a decreased from the last reporting period for the second straight quarter. The November 017 report reflected 5,514 new jobs in the study area, February 018 reflected 46,917 new jobs, and May 018 reflected 41,915 for a net decrease of 10,599 new jobs since November 017. The 41,915 new jobs through May 018 fell below the Scenario B projection of 43,58 and is off the EPIC report 5,400 new jobs that were to be created by December 019. The EDAWN CEO and Business Development Updates for July 018 explain While very close to projections, given the anticipated growth this year we expect to exceed the projections by the end of this year. Reno Area Unemployment The U.S. Bureau of Labor Statistics Unemployment Rate for the Reno Area improved with a decrease from 4.1% in March 018 to 3.3% in May 018. The Reno Area unemployment rate was well below the 4.1% United States nation rate. The Reno Area Manufacturing sector continued to lead the Reno area employment growth rate with a.4% year over year increase in jobs.

16 about us DCG Multifamily Team Trevor Richardson Multifamily & Investment Property Specialist office cell Chris Moton Multifamily & Investment Property Specialist office cell Institutional Experience, Local Knowledge The team at Dickson Commercial Group has been working in the Northern Nevada market for nearly 35 years. Our seasoned group of real estate professionals offers deep and diverse market knowledge, proven problem solving abilities and resourcefulness with a complete focus on commercial real estate. We work as a team in the truest sense of the word. We collaborate to find the best solutions and we leverage the specific knowledge of each agent. Our multi-faceted brokerage provides local, national and international clients the full array of commercial real estate services. Agents are trained specialists with accreditation through the Society of Industrial and Office Realtors (SIOR) and Certified Commercial Investment Members (CCIM). Sources: Washoe County Assessor, Johnson Perkins Griffin Real Estate Appraiser, EDAWN Disclaimer: All information contained herein is from sources deemed reliable: however, no representation or warranty is made to the accuracy thereof. Art: Icons made by( Gregor Cresnar) (Chanut is Industries) (Freepik) (Icomoon) (Madebyoliver) from

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