The Sharlands project is located in a very desirable upper end area of northwest Reno. It is in close proximity to several major shopping centers and services including adjoining to the award winning Master Planned Community of Somerset.
The value add opportunity was a re-entitlement from a “for-sale” 240 unit project to it’s current 312 unit two story high end apartment community. The upscale rental project will consist of 1,2, & 3 bedroom units on a 20-acre site. The low density of 15 units/acre and the 2 story construction with direct access garages along with a 5,000 square foot club house and large pool and recreation area is intended to provide a resort like atmosphere.
The project plans are in process with a large national architectural firm, BSB Design. LCIP has worked with BSB on other projects. Construction is expected to start in July – August of 2017. Completion is late 2018 with full rent up and stabilization some time in 2019.
The project’s location is along the I-80 corridor with easy access east and west. Sharlands expects to be a housing choice for employees of Tesla and other Tahoe-Reno Industrial Complex tenants. (i.e. Switch, Apple, Amazon, EBay, etc.)
LCIP and its Capital Partner closed the site acquisition in October 2015 and plan a 2017 construction start. LCIP sold it’s ownership for a sizable profit upon final entitlement to 312 apartment units.