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Clovis funding group buys $88M Nevada flats

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High Rock 5300

Clovis-based IDEAL Capital Group plans inside and exterior renovations to the Excessive Rock 5300 Residences in Sparks, Nevada.

printed on September 30, 2022 – 11:22 AM
Written by The Enterprise Journal Workers

Clovis-based IDEAL Capital Group introduced it has acquired a 264-unit residence complicated in Sparks, Nevada for $88 million.

The Excessive Rock 5300 Residences had been inbuilt 2002. IDEAL plans to spend about $1.4 million renovating the unit interiors in addition to the outside and customary areas.

Excessive Rock options one-, two- and three-bedroom models with customized cabinetry, crown molding, fireplaces in choose models, outsized closets and stainless-steel home equipment.

Group facilities embrace a resort-style swimming pool with cabanas and spa, Wi-Fi lounge, shuffleboard, state-of-the-art health heart and coated parking all through the property.

IDEAL plans inside upgrades to drive rental demand together with upgraded lighting, undermount sinks, recent paint and quartz counter tops.

“The Larger Reno market has skilled the second highest job development within the nation over the previous two years which is being pushed by favorable tax insurance policies and a spillover of Silicon Valley expertise jobs,” says Kevin Conway, Managing Director of IDEAL Capital Group. “We’re planning to capitalize on the red-hot demand that the Reno-Sparks market continues to expertise as corporations comparable to Apple, Google, and Tesla additional develop their Nevada footprint.”

IDEAL plans to personal and function Excessive Rock on behalf of its traders for the long-term, “optimizing regular, passive money circulation throughout the maintain interval,” in response to a information launch.

Institutional Property Advisor’s Phil Saglimbeni represented each the vendor and IDEAL.

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