RENO, NEV. — The Bascom Group has purchased Sierra Point Apartments in Reno for $31 million, or $210,884 per unit, in an off-market transaction. The name of the seller was not released.
Built in 1996 and 1998, Sierra Point features 147 apartments, with 84 percent two-bedroom floorplans. Bascom plans to renovate unit interiors with new countertops and appliances, wood plank flooring, backsplashes, new baseboards, cabinetry improvements, new fixtures and lighting and a two-tone paint scheme. Additionally, Bascom will add a dog park, tot lot and an outdoor barbecue and recreational area.
AMC Management Services will provide property management and SD Cap Construction Management will provide construction management services.
Charles Halladay, Jamie Kline and Annie Rice of JLL Capital Markets arranged the acquisition financing, which LoanCore provided.