The Resort at Tanamera is a 440 unit, two-story luxury apartment community built in 2001. Located in the highly desirable Reno submarket of South Meadows, Tanamera features a 15,000 sq. ft. community clubhouse building with Olympic size pool and spa area plus a large exercise facility.
In 2005, a San Diego based investment group purchased the rental project with a plan to “Convert” the units into “For Sale” condominiums. The sales program began in 2006 and halted in late 2007. Having sold 337 units, the developer having paid back the equity capital plus its return to the investment firm, Key Private Equity, as well as retiring the Senior Loan. The remaining 103 units were then rented since 2008.
The property stabilized quickly and since the initial rent up it has produced some of the highest absolute dollar and per square foot rents in the Reno/Sparks area.
LCIP purchased the 103 rental units, and spent the initial 6 months developing a tenant displacement, phasing, renovation, marketing & sales plan. LCIP began selling in early 2017. It is the companies’ objective to offer units for sale as the leases expire and manage sales demand and pricing, maximizing rental income generated during the sell-out phases. From start to finish, the Sales Plan is expected to be 18 to 24 months from the 2016 inception.