The Waterfront at Sparks Marina is a 209 unit Luxury Class “A” rental project located on the water’s edge of the Sparks Marina (a 65 acre lake). The project is currently under construction and has a mix of 1, 2, & 3 bedroom units, many with spectacular views of the surrounding mountains and up close water views of the lake. The buildings are 5 story Class 3A Type Wrap construction with 3 elevators and a secure 4.5 story parking structure of 272 parking spots. This project is a “one of a kind” in the Reno/Sparks area.
The project is fully entitled and full construction plans have been submitted to the City of Sparks for plan check. The parking structure and most of the site work has been completed. Construction is expected to commence in February of 2017 with a 15-month completion expectation (June 2018). Project and rental stabilization is expected within 12 months of completion (June 2019).
Presently the Reno/Sparks multifamily rental market is 97% area wide occupied. The advent of several new major employers (i.e. Tesla, Connect, Amazon, Apple, EBay) has ignited the local economy. Forecasters predict a housing shortage in the coming years.
LandCap believes this project will produce some of the highest rents in the Northwest Nevada area. The project features resort like amenities not found in any other project in the area. The project could be mapped as a condominium to allow for a possible for-sale exit of individual units.