±11.46 ACRES MULTIFAMILY LAND GARDELLA AVENUE, RENO, NEVADA

Transcription

1 LAND FOR SALE ±11.46 ACRES MULTIFAMILY LAND GARDELLA AVENUE, RENO, NEVADA SITE DESERT RESEARCH INSTITUTE TRUCKEE MEADOWS COMMUNITY COLLEGE N VIRGINIA RANCHO SAN RAFAEL REGIONAL PARK UNIVERSITY OF NEVADA, RENO McCARRAN BLVD

2 EXECUTIVE SUMMARY Location: The Bluffs is located off of U.S. Highway 395 at the Parr Boulevard exit. The property is three miles north of Interstate 80 and the University of Nevada, Reno. Offering Price: $2,500,000 Acreage: gross acres APN: CONTACT US BRETT EDWARDS REX MASSEY Property Description: The property is currently vacant and unimproved. The conceptual site plan shows a possible yield of 168 MF unit with an even mix of one and two bedroom units. Topography: Gentle slope hilltop Property Condition: The property is currently vacant and unimproved. Zoning: MUDRC - Mixed Use Dandini Regional Center. Minimum density is 14 units per acre CBRE Reno 6900 S. McCarran Suite 3000, Reno, Nevada CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. 2

3 THE OFFERING The Bluffs is located in northwest Reno above the University of Nevada. The site is between U.S. 395 and North Virginia Street. A three minute drive to the University makes the Bluffs an excellent opportunity for student oriented rental housing. Also, the property is located within a mile of the 25,0000-student Truckee Meadows Community College and the renown Desert Research Institute. The Bluffs offers outstanding views of downtown Reno and the Sierra Nevada Mountains. The site has easy and convenient access to retail areas, schools, employment and recreation. Rancho San Rafael, a regional park, is a two to three minute drive. The immediate area is also poised for growth with several new companies relocating to the submarket recently such as Amazon.com, Marmot, Petco, Urban Outfitters, and more. Other notable employers and institutions including the Desert Research Institute, Truckee Meadows Community College, and the University of Nevada, Reno are less than a three minute drive to the site. The property is currently unimproved. Curb, gutter and sidewalks are on the northern boundary of the site. The conceptual site plan shows a possible yield of 168 multi-family units with an even mix of one and two bedroom units. Strong demand for multifamily units exists in the Reno area. INVESTMENT HIGHLIGHTS + + Easy access to US Highway 395/Interstate 80 and is less than a 10 minute drive to the Reno-Tahoe International airport. + + Close to major employment centers gross acres, gentle slope. + + Land use designation is Mixed Use Dandini Regional Center allowing more than 14 units per acre Multi-family units on conceptual plan + + Outstanding and unobstructed views of downtown Reno and Sierra Nevada Mountains. + + Utilities are near the site. SITE 3

4 RENO/SPARKS MULTIFAMILY MARKET MULTIFAMILY MARKET OVERVIEW The Reno/Sparks multifamily market recently reached its lowest historical vacancy rate at 1.98%, while at the same time achieving its highest average rental rate at $1,029. In fact, the average vacancy rate over the past eight quarters has been an astonishingly low 2.57%, while rents have witnessed consistent growth based on limited supply and growing demand in the market. The demand for multifamily product is being fueled by strong job growth as companies like Tesla, Panasonic, Apple, and Switch have relocated to the market providing strong base for jobs. In fact, over 50,000 jobs are projected for the Reno/Tahoe region between now and 2019 according to EDAWN s Economic Planning Indicators Committee (EPIC) report, a Northern Nevada regional growth study. NEW/PLANNED CONSTRUCTION AVERAGE RENTAL RATE $1,045 $1,025 $1,005 $985 $965 $945 $925 $905 $885 $865 $845 $825 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4' 15 Q1' 16 Q2' 16 According to CBRE Reno s Q Multifamily report, new development projects continue to enter the pipeline, including 1,200 units that were recently announced at the former Park Lane Mall site, which is a new proposed large scale mixed use development in the heart of Reno, and another 192 units at the Bridges development adjacent to the Fountainhouse at Victorian Square. All in all, as of Q2 of 2016 there were 1,070 new units under construction and 5,963 in the planning stages. CURRENT VACANCY-RENT PER TYPE 3% 2% 2% 1% 1% $1,600 $1,400 $1,200 $1,000 $800 $600 $400 $200 0% STUDIO 1BR/1BA 2BR/1BA 2BR/2BA 3BR/2BA $0 4

5 AERIAL FACING SOUTH RENO/TAHOE INTERNATIONAL AIRPORT DOWNTOWN UNIVERSITY OF NEVADA, RENO McCARRAN BLVD SITE N. VIRGINIA ST./BUSINESS 395 TRUCKEE MEADOWS COMMUNITY COLLEGE DESERT RESEARCH INSTITUTE 5

6 AERIAL FACING NORTHWEST SITE DESERT RESEARCH INSTITUTE TRUCKEE MEADOWS COMMUNITY COLLEGE UNIVERSITY OF NEVADA, RENO N. VIRGINIA ST./BUSINESS 395 McCARRAN BLVD McCARRAN BLVD < DOWNTOWN RENO SPARKS 6

7 SITE PHOTOS 7

8 SITE PLAN 8

9 CONCEPTUAL SITE PLAN 9

10 PARCEL MAP 10

11 EXCEPTIONAL MARKET FUNDAMENTALS STRONG REGIONAL JOB GROWTH According to the Tax Foundation, Nevada ranks third in the United States for best tax climate. This business-friendly tax environment has opened up many possibilities for out-of-state companies to locate facilities here including Tesla, Panasonic, Switch, and Apple. As noted by local economic development officials from a recent study called the EPIC report ( epic-report), the region is forecast to create approximately 50,000 jobs and population growth of over 60,000 new residents between 2015 and Current employment is approximately 230,000 people with a population of approximately 500,000 in the metro area. According to the study, the area of Washoe County is seeing steady and improving demographic and employment growth. The economy is becoming increasingly diversified due to a proactive regional business recruitment and retention strategy. Northern Nevada is supported by locational/transportation advantages which include access to Interstate 80, Union Pacific Mainline Rail, inexpensive redundant power sources and superior fiber connectivity. The infrastructure supports the region s emergence as a powerhouse in worldwide technology-based commerce. Amazon distribution warehouse at LogistiCenter 395 The region also has a renewed focus on advanced manufacturing which is paying dividends. Reno has experienced a 14.7 percent growth in manufacturing employment over the past five years. Sectors such as healthcare and clean energy are also experiencing strong growth. Some of the notable companies that have recently located or expanded to Northern Nevada include: International Game Technology (IGT) campus 11

12 RECENTLY RELOCATED COMPANIES Tesla/Panasonic selected Northern Nevada as their location for the world s largest Gigafactory focusing on manufacturing of cutting edge technologically advanced energy storage. The first of several buildings at 3 million square feet is currently under construction and will open in The project is expected to create up to 20,000 jobs. The economic impact of Tesla is so large that it will add 20% to the region s GDP. Switch is under construction with the world s largest data center at 1.2 million square feet. Switch has committed to constructing a total of 7 buildings and 6.49 million square feet of high tech data campus on 1,000 acres. The company is expected to hire thousands of employees. Due to its location in Northern Nevada Switch is also constructing a fiber hyperlink which will connect Reno, Las Vegas, Los Angeles and San Francisco in under 7 milliseconds. Apple Apple acquired 345 acres in the 2,300 acre Reno Technology Park and is currently under construction on its $1 billion itunes data center. Additionally, Apple s Braeburn Capital, its money management division, is headquartered in south Reno investing billions in this tax free state. Ghost Systems, a cyber security data firm, recently moved its headquarters to Reno and plans to construct a larger underground data center in the Reno Technology Park. Economic Development officials anticipate this company to be a large high tech employer. Clear Capital with 400 finance and technology jobs recently moved its headquarters to Class A office space in Downtown Reno. 12

13 EXISTING NOTABLE EMPLOYERS Microsoft Licensing moved its headquarters to Reno a decade ago and now has 500 employees. The company licenses software worldwide from its 120,000 square foot campus in south Reno. International Game Technology is the world s largest gaming company. Its Reno campus at 1 million square feet houses both R&D and manufacturing groups. Microsoft Licensing headquarters Renown Health is the largest healthcare provider in the region. The company currently employs 5,600 and continues to aggressively expand in the region. Sierra Nevada Corporation is one of the nation s largest defense contractors and is headquartered in Sparks, Nevada. It has 3,000 employees, most of whom are scientists, engineers, or technical personnel with college or advanced degrees. Intuit Payroll Services has been headquartered in Reno since It now has 600 employees located in 150,000 square feet of office space. Intuit Payroll Services headquarters 13

14 11.46 ACRE S M U LT I FAM I LY L AN D RE N O, N V REGIONAL EMPLOYERS MAP NORTHERN NEVADA REGIONAL MAP Cold S Co Cold Springs p in pr ings ngs g Lemm Le Lemmon mm mon o Valley Val a lle ey Reno-Stead Airport Spanis Sp Span Spanish issh Sp Springs pri r ng ngss Fern Fe Fernley nle ey 395 To Lake Tahoe Ski Resorts: Gold Go G olden lld den e Valley Val a le ey Sun Valley Sun V ll Va lley ey ey 445 Reno Technology Park icloud Data Center Sparks SITE 650 INTERSTATE MccC McCarran Carra ran Cla Cl Clark arrrkk 80 Reno Ve Verdi erd rdii Mogu Mo Mogul gull gu INTERSTATE 80 INTERSTATE Reno-Tahoe Int l Airport In 580 Licensing INTERSTATE 580 N.com 2015 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved. Sources: CBRE Mapping Services (877) ; Nielsen, StreetPro, Microsoft Bing. MapFiles\Work2015\4thQtr\ /12/

15 CONTACT US BRETT EDWARDS REX MASSEY