Wolf Run East SILVER Terrace Villager Apartments SITE University of Nevada, Reno University of Nevada, Reno Winston Dr N W ells Ave Valley Rd Wolf Run Vintage 7.46 AC VACANT LAND NEAR UNR CONFIDENTIAL OFFERING MEMORANDUM Ideal for Student Housing or Multifamily Development
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
Wolf Run East
SILVER Terrace
Villager Apartments
SITE
University of Nevada, Reno
University of Nevada, Reno
Winston Dr
N Wells Ave
Valley Rd
Wolf Run Vintage
7.46 AC VACANT LAND NEAR UNR
CONFIDENTIAL OFFERING MEMORANDUM
Ideal for Student Housing or Multifamily Development
TABLE OF CONTENTS
WELLS AVENUE PARCELSWells Avenue Parcels 4Investment Description 5Aerial 6University of Nevada, Reno 8Property Overview 10
MARKET OVERVIEWParcel Map 12Demographics 13Comparable Sold Properties 14Comparable Rent Properties 16
PAG
E 3
DISCLOSURE
CO N TAC T:
Dereck BarrettAssociateNV # S.0187252 [email protected]
Avison Young (“Agent”) has been engaged by Ownership (“Seller”) as the exclusive agent for the sale of Wells Avenue Parcels (“Property”).
The Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highly confidential information that is being furnished solely for the purpose of review by prospective purchasers of the interest described herein. Neither the enclosed materials nor any information contained herein is to be used for any other purpose or made available to any other person without the express written consent of the Seller. Each recipient, as a prerequisite to receiving the enclosed, should be registered with Avison Young as a “Registered Potential Investor” or as “Buyer’s Agent” for an identified “Registered Potential Investor”. The use of this Offering Memorandum and the information provided herein is subject to the terms, provisions and limitations of the confidentiality agreement furnished by Agent prior to delivery of this Offering Memorandum.
The enclosed materials are being provided solely to facilitate the prospective investor’s own due diligence, for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Agent nor the Seller shall have any liability whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communication or information transmitted or made available or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections and conclusions without reliance upon the material contained herein.
Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserve the right at their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller. Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by owner and any conditions to owner’s obligations there under have been satisfied or waived.
By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in strictest confidence and shall be returned to Agent or Seller promptly upon request; and (b) the recipient shall not contact employees or tenants of the Property or Seller directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller or Agent. Seller will be responsible for any commission due to Agent in Connection with the sale of the Property.
The information contained herein was obtained from sources believed reliable; however, Avison Young makes no guarantees, warranties or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior to sale or lease, or withdrawal without notice.
OFFER PROCESSOffers should be presented in the form of a non-binding Letter of Intent delineating the significant terms and conditions of the Purchaser’s offer including, but not limited to:
1. Purchase Price
2. Due diligence and closing time frame
3. Earnest money deposit
4. Qualifications to close
Reed Simmons, CCIMVice PresidentNV RE # [email protected]
WELLS AVENUE $11,000,000 6 PARCELS 7.46 ACRES
N Wells Ave
Winston Dr
PAG
E 5
PAG
E 4
WELLS AVENUE PARCELS
TOTAL UNR STUDENTS 21,003
18,000 STUDENTS CURRENTLY LIVING OFF
CAMPUS
This property consists of 6 parcels totaling 7.46 acres, one of the few remaining developable properties of this size in the heart of Reno. Located just minutes from the University of Nevada, Reno, it is ideal for student housing. In fact, another successful student housing project was recently constructed on adjoining property to the west. Two of the six parcels are vacant pasture land, and the other four are rental houses owned by the seller. The zoning is MF30, which allows multifamily development.
PAG
E 5
PAG
E 4 AV I S O N YO U N G | W E S T E R N A L L I A N C E CO M M E R C I A L , I N C .
7.46
AC
VAC
AN
T LA
ND
NEA
R U
NR
INVESTMENT SUMMARY
INVESTMENT DESCRIPTION
Wolf Run East
SILVER Terrace
Villager Apartments
SITE
University of Nevada, Reno
University of Nevada, Reno
Wolf Run Vintage
Valley Rd
N Wells Ave
Winston Dr
PAG
E 7
PAG
E 6
WELLS AVENUE
UNIVERSITY OF NEVADA, RENO FACTS
FOUNDED: 1874
CAMPUS SIZE 290
ACRES
21,000 + STUDENTS
1,049 ACADEMIC
FACULTY
180 BUILDINGS
11 SCHOOLS
AND COLLEGES
Source: https://www.unr.edu/about
PAG
E 7
PAG
E 6 AV I S O N YO U N G | W E S T E R N A L L I A N C E CO M M E R C I A L , I N C .
7.46
AC
VAC
AN
T LA
ND
NEA
R U
NR
WELLS AVENUE
Source: https://wolfweb.unr.edu/homepage/ttam/2019-ICMAA.html
PAG
E 9
PAG
E 8 AV I S O N YO U N G | W E S T E R N A L L I A N C E CO M M E R C I A L , I N C .
7.46
AC
VAC
AN
T LA
ND
NEA
R U
NR
UNR
PAG
E 9
PAG
E 8 AV I S O N YO U N G | W E S T E R N A L L I A N C E CO M M E R C I A L , I N C .
7.46
AC
VAC
AN
T LA
ND
NEA
R U
NR
UNR
TOTAL STUDENTSTotal number: 21,003Total degree-seeking students: 20,613Total non-degree students: 390
UNDERGRADUATESTotal Number: 16,917Freshmen: 3,144Sophomores: 3,541Juniors: 4,090Seniors: 5,105Second Bachelors Degree: 194
GRADUATE STUDENTSTotal Number: 3,372Masters: 1,982Doctoral: 1,006Graduate Special: 384
GENDERMale students: 9,638Female Students: 11,365
UNDERGRADUATE RESIDENCYIn-state: 12,729Out-of-state: 4,578
FACULTY AND STAFFAcademic Faculty: 1,049Administrative Faculty: 1,079Classified Staff: 1,059
• 3,100 students live on campus for fall and spring semesters.
• Currently 18,000 students live off-campus
• Mackay Stadium: Located about 100 yards north of the student union, Mackay Stadium is where home football games are held. Last season average attendance at home football games was 19,576. The Wolf Pack had a record 13-1 season, culminating in a win at the Kraft Fight Hunger Bowl in San Francisco against Boston College.
• Lawlor Events Center: Located less than 100 yards NW of the NSU, has a capacity of 11,600. Each year, on average there are approximately 40 collegiate and professional athletic events scheduled including basketball and volleyball tournaments. In addition there are also about 15 to 25 large special events and concerts in LEC per year with attendance varying from 5,500 to 9,000 on average.
• Mathewson-IGT Knowledge Center: Located directly next to the student union to the south, the Knowledge Center is the main library of campus and houses the Wells Fargo Auditorium and the Rotunda. The 163-seat state of the art auditorium is frequently used by university departments and campus organizations, as well as serves as a classroom. The Rotunda is another event space, where many speakers and musicians are brought in for an intimate atmosphere.
• J. E. Church Fine Arts Building: Located less than 275 yards SW of the student union, houses the Nightingale Concert Hall (capacity 615) plus the Sheppard and McNamara Art Galleries. There are about 200 events per year in the concert hall, attendance varies.
• Peccole Park: This baseball facility has a capacity of 3,000 fans and is within walking distance of the student union. The team has about thirty home games with an average of about 800-1000 per game.
• And more: In addition to the above events, there are more than 10,000 other events on campus each year put on by various student, university and community organizations.
Source: https://www.unr.edu/union/vendor-opportunities/demographics
UNIVERSITY OF NEVADA, RENO
PAG
E 11
PAG
E 10
PROPERTY OVERVIEW
PROPERTY DESCRIPTION
PROPERTY ADDRESSNORTH WELLS AVEReno, NV 89512
PROPERTY PRICE $11,000,000.00
PRICE PER ACRE$1,474,530.83
PRICE PER SQUARE FOOT$33.85
APN008-011-04008-011-03008-011-02008-011-01004-202-65004-202-67
LAND ZONINGMF30
NO. OF RESIDENCES INCLUDED Four (4)
TOTAL ACREAGE 7.46 Acres Total
TOTAL SQUARE FOOTAGE324,900 Sq Ft Total
PAG
E 11
PAG
E 10 AV I S O N YO U N G | W E S T E R N A L L I A N C E CO M M E R C I A L , I N C .
7.46
AC
VAC
AN
T LA
ND
NEA
R U
NR
PROPERTY OVERVIEW
PAG
E 13
PAG
E 12
PARCEL MAP
1-Mile 3-Miles 5-Miles
Population 21,180 120,078 254,279
Households 7,645 48,636 99,958
Avg Household Income $45,105 $59,122 $69,395
MedianHouseholdIncome
$35,456 $43,259 $51,507
Per CapitaIncome $16,612 $24,141 $27,297
MedianHome Value $184,098 $261,930 $277,106
Median Age 27.4 35.0 36.2
Source: STDB 2019
Source: NDOT 2018
PAG
E 13
PAG
E 12
Valley Rd (250ft N of Manogue Rd) 4,600 AADT
Wells Ave (200ft N of Sadlier Way) 9,980 AADT
Sutro St (165ft N of Oliver Ave) 13,300 AADT
TRAFFIC COUNTS
DEMOGRAPHICS
1
2
3
4
57
6
9
8
PAG
E 15
PAG
E 14
COMPARABLE SOLD PROPERTIES
# Parcel Number Parcel Size Price Price/SF Date of Sale
1011-074-07, 08, 09, 11, 12, 13 & 21
1.93±Acres Total83,900±SF $7,086,092 $84.46/SF
(Average)
02/03/2017, 10/10/2018,
10/11/2018 & 04/03/2019
2 007-303-01 1.377±Acres60,000±SF $2,350,000 $39.17/SF September 21, 2017
3007-283-07, 09, 10, 11, 12 & 17
1.284±Acres55,932±SF $3,850,000 $68.92/SF November 2, 2017
4 011-024-18 1.29±Acres56,000±SF $3,750,000 $66.96/SF March 29, 2018
5 007-217-01 through 11 1.928±Acres84,000±SF $5,040,000 $60.00/SF June 19, 2018
6 007-502-03 through 12 1.93±Acres84,180±SF $4,400,000 $52.27/SF June 17, 2019
7 007-361-17 2.75±Acres119,790±SF $9,100,000 $75.97/SF August 30, 2019
8 011-213-04 & 05 0.23±Acres10,000±SF $700,000 $70.00/SF September 5, 2019
9006-126-05; 006-183-44, 47, 48, 49
10.44±Acres454,760±SF $7,676,580 $16.88/SF March 29, 2019
PAG
E 15
PAG
E 14 AV I S O N YO U N G | W E S T E R N A L L I A N C E CO M M E R C I A L , I N C .
MA
RKET
OVE
RVIE
W
COMPARABLE
COMPARABLE SALES
1
2
3
4
5
7
6
8
PAG
E 17
PAG
E 16
COMPARABLE RENT PROPERTIES
# Property Rent/SF Average SF Total Units Occupancy
1WOLF RUN EAST1980 Valley RdReno, NV 89512
$1.07 1,028 SF 105 99.23%
2WOLF RUN VINTAGE467 Beverly StReno, NV 89512
$1.91 1,944 SF 37 99.23%
3YOUNION2780 Enterprise RdReno NV 89512
$1.97 1,266 SF 189 100%
4THE REPUBLIC1550 Evans AveReno, NV 89512
$2.06 1,294 SF 190 100%
5THE HIGHLANDS2800 Enterprise RdReno, NV 89512
$2.10 1,118 SF 205 99.6%
6TOWERS AT PINK HILL1385 N Virginia StReno, NV 89502
$1.97 1,020 SF 26 95%
7IDENTITY RENO1551 N Virginia StReno, NV 89503
$2.77 1,048 SF 100 100%
8LEV APARTMENTS1617 N Virginia StReno, NV 89503
$2.28 320 SF 128 98%
PAG
E 17
PAG
E 16 AV I S O N YO U N G | W E S T E R N A L L I A N C E CO M M E R C I A L , I N C .
MA
RKET
OVE
RVIE
W
COMPARABLE
COMPARABLE RENT
7.46 AC VACANT LAND NEAR UNR
CONTACT
Reed Simmons, CCIMVice PresidentNV RE # [email protected]
Dereck BarrettAssociateNV # S.0187252 [email protected]
Ideal for Student Housing or Multifamily Development
Related Documents
