SAN FRANCISCO, CA – Union Hill Properties has completed the acquisition of Capitol Hill Apartments, a 31-unit property located at 467-499 Capitol Hill Avenue in Reno, Nevada for a purchase price of $3.5MM or $111,000 per unit.
Built in 1986, the property is located in Midtown Reno within walking distance to a variety of restaurant and retail options and less than 1.5 miles south of the downtown core. It contains one-bedroom units with open floorplans, mature landscaping, BBQ areas, and ample parking.
Union Hill Properties plans to implement a value-add strategy renovating unit interiors as tenants turnover to improve the property over time while maintaining affordability. “We continue to expand our workforce housing portfolio in the Reno market due its strong economic growth, attractive quality of life, and affordability” says Alan Heck, Principal at Union Hill Properties. “This functional building in an urban infill location near transit is the type of investment we want to hold long-term.” The property was purchased off market and financed by Greystone and Fannie Mae.
About Union Hill Properties
Union Hill Properties is a commercial real estate firm based in San Francisco engaged in the investment, development, and operation of multifamily workforce housing communities in urban areas in the western United States. Founded in 2014, Union Hill Properties owns and operates a multifamily portfolio located in California and Nevada.