Properties: Village of the Pines
Buyer: Hamilton Zanze Investments
Seller: Withheld
Property type: Garden
Units: 272
Location: Reno, Nevada
Total purchase price: Withheld
After COVID-19 untethered people from their offices, many left major cities in search of space and affordability. For Californians, Reno, Nevada, has been one of those destinations.
Over the past decade, Reno's population grew by 16%, from 231,000 to 269,000, according to StorageCafe.
“Post-COVID, the area has experienced strong population and job growth, along with limited new supply projected over the next five years,” Ian O’Connor, director of acquisitions at Hamilton Zanze Investments, told Multifamily Dive in emailed comments.
Even before the recent boom, San Francisco-based multifamily real estate investment firm Hamilton Zanze liked the Reno market, having owned and operated apartments there since 2007.
So when the Village of the Pines, a 272-unit property in the metro with an in-place loan, became available in an off-market opportunity, Hamilton Zanze was interested. The agreement closed on the property on Oct. 9, bringing the firm’s total to three Reno acquisitions this year.
“In a market where financing options are extremely volatile and unpredictable, securing highly accretive, assumable financing was an added bonus to an already sound investment,” O’Connor said.
Village of the Pines, located just east of Interstate 580, features one-, two- and three-bedroom homes with various layouts available. Amenities at the pet-friendly community include an outdoor swimming pool, barbecue and picnic areas, covered parking, a playground and an on-site gym.
Mission Rock Residential, an affiliate of Hamilton Zanze, has assumed management of the community, which was built in 1974.
“Hamilton Zanze plans to address deferred maintenance, capture value-add potential through modest upgrades to amenities, implement professional management practices to optimize operations, and potentially contribute the asset to Hamilton Zanze’s Evergreen Fund, the firm’s flagship investment vehicle,” O’Connor said.
Hamilton Zanze has made six acquisitions in 2025, and it expects to remain active.
“Hamilton Zanze will continue to pursue acquisition opportunities to expand its scale and presence in this growing market,” O’Connor said.
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