RENO, NV - Berkadia announced today that it has arranged $11.53 million in joint venture equity for Five Ridges, a to-be-built 83-unit townhome-style development in Reno, Nevada.
Cody Kirkpatrick, Chinmay Bhatt, and Noam Franklin of Berkadia JV Equity & Structured Capital and Jared Glover, Senior Director of Investment Sales at Berkadia Nevada represented the sponsor, Leggera Development, to arrange the joint venture equity.
Berkadia arranged the equity through a global investment manager.
“The bar is high for investment into ground-up development for institutional equity in today’s macroeconomic environment,” said Kirkpatrick. “However, for well-located opportunities alongside proven development teams that deliver high-quality product, institutional interest remains.”
“Five Ridges presented Leggera Development an incredible opportunity to capitalize on the growing demand for and limited supply of townhome product in Reno,” said Jared Glover. “The market continues to attract outside capital as the economy diversifies, bringing with it an ever-expanding employment base of higher wage-earning jobs.”
Located at 545 Highland Ranch Parkway, Five Ridges will be built on a 6.15-acre site and will feature units with sizes ranging from 1,494 to 1,969 square feet, each consisting of three bedrooms and two-and-a-half bathrooms. The property is situated within Sparks, Nevada’s Five Ridges Master Planned Community – a 422-acre community comprising 1,246 residential units across ten villages, including single-family detached homes, townhomes, multifamily, commercial properties, two community parks with 100 acres of open space, and 10 acres of amenitized community gathering areas.
About Berkadia®: Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales, and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our client’s assets. To learn more about Berkadia, please visit www.berkadia.com
About Leggera Development: At Leggera Development, we are committed to excellence in all aspects of real estate development. With over $1 billion worth of real estate developed and 25 years of experience, we are national leaders in the construction and management of upscale apartment communities and luxury leased homes, we prioritize thorough research and careful site selection in order to deliver top-quality products to our customers. Before beginning any project, we conduct extensive market research to identify the best locations for our developments. To learn more about Leggera Development, please visit www.leggeradevelopment.com