The four-building, 32-unit multifamily property will see significant capital improvements in 2023.
SAN FRANCISCO, Dec. 13, 2022 — GPR Ventures has confirmed its seventh multifamily acquisition by completing the purchase of a four-building, 32-unit apartment complex in Reno, NV. The Creekside Apartments are located at 2400-2450 Sutro Street, and all buildings are currently being prepared for significant capital improvements and renovations over the span of several months. The purchase, which closed escrow on December 8, 2022, marks the 48th overall acquisition for GPR Ventures and the fifth in the Reno–Sparks area.
“This is a great addition to our growing portfolio of properties in the Reno area, and with its prime location near main thoroughfares and close to the University of Nevada-Reno, we anticipate it being a great place for potential tenants of all types,” said GPR Ventures co-founder and Managing Principal Phillip Rolla.
Planned Capital Improvements
GPR is planning to rehabilitate the exterior with new paint and landscaping, as well as updating the community BBQ grill area. GPR is also planning to remodel all interior units, four at a time, in phases; this includes installing new HVAC units, washers, dryers, refrigerators, dishwashers and garbage disposals and updating countertops, interior paint and carpet throughout each unit.