The Opportunity
The Onyx at 695 and ParcOne60 represent a rare opportunity to acquire a 498-unit, purpose-built attainable housing portfolio in the urban core of Reno, one of the fastest-growing and most supply-constrained multifamily markets in the Western U.S. Originally constructed in 2000 and 2001, enhanced through over $10.5 million in capital improvements ($63/sf), the communities offer a compelling combination of scale, strong in-place operations, and future upside.
With walk scores of 95, the assets provide a true live-work-play environment with immediate access to downtown Reno, the Riverwalk District, major employers, and lifestyle amenities, supporting durable renter demand. Reno’s macroeconomic tailwinds—including sustained in-migration, a pro-business tax environment, and significant job creation anchored by the Tahoe-Reno Industrial Center—combined with a constrained development pipeline and limited transaction activity, position the portfolio as a unique opportunity to acquire institutional scale in a high-growth market with outstanding long-term fundamental support. The communities are offered both individually and as a portfolio, providing investors with flexibility to tailor acquisition strategy and scale.
INVESTMENT HIGHLIGHTS
Rare Opportunity: 498-Unit, Purpose-Built Portfolio with $10.5M in CapEx Spend
The offering comprises two 2000s-vintage, purpose-built attainable communities totaling 498 units, delivering immediate institutional scale in a supply-constrained, land-lord favorable Reno market. Since 2019, prior ownership has invested over $10.5M (±$63/SF) in comprehensive interior, exterior, and amenity renovations, creating a turnkey portfolio with strong in-place cash flow and limited near-term capital needs.
Filling the Workforce Housing Gap in Downtown Reno
The Onyx at 695 and ParcOne60 directly address Downtown Reno’s shortage of quality workforce housing, offering well-located, renovated units at attainable rents and maintaining ±94% occupancy with minimal concessions. With average in-place rents of $1,141 versus Reno’s $1,759 effective rent—a $618 (54%) gap. The portfolio provides a compelling, cost-effective alternative to both new Class A product and aging, unrenovated stock for the area’s 82%+ one and two-person households.
Unmatched Walkability in Reno’s Riverwalk District
Located in the heart of Reno’s Riverwalk District, Onyx at 695 and ParcOne60 deliver a true live-work-play lifestyle with Walk Scores of 94 and 95 with access to Downtown’s restaurants, retail, arts, and nightlife. Proximity to major employment anchors—including Saint Mary’s Regional Medical Center, Renown Regional Medical Center, and the University of Nevada, Reno, supports sustained renter demand, occupancy stability, and long-term rent growth.
Tight Supply & Affordability Gap Drive Rent Demand
Reno’s multifamily pipeline is sharply constrained, with new deliveries expected to drop below 1,000 units and just 2.5% of existing inventory under construction, reinforcing a structurally tight vacancy environment. At the same time, single‑family ownership has become increasingly out of reach, with median home prices above $575,000 and monthly ownership costs of roughly $3,450, creating a 202% rent‑vs‑own cost advantage that continues to funnel demand into high‑quality attainable rentals.
Top 10 Rent Growth & Near-Full Occupancy Underscore Exceptional Fundamentals
Reno has emerged as a high-growth, business-friendly metro and regional tech hub, attracting major employers and steady in-migration while maintaining a cost of living significantly below coastal California markets. Multifamily fundamentals are exceptionally strong, with Reno ranking among the top U.S. markets for rent growth, near-full occupancy of approximately 97%, and a predominantly white-collar workforce—all of which underpin durable cash flows and a favorable long-term outlook for well-located, attainable communities like Onyx at 695 and ParcOne60.
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