$3.995M

Portfolio PRICE

33

Units

Built in 1950, the Farrs Apartments has a long and colorful history. Formerly known as the Shady Grove Auto Court, the Farris offered charming accommodations along East Fourth Street. Since then, the asset has been repositioned as a multifamily investment property, offering six sleeping rooms, 13 studios; 13 onebedroom units; and one manager’s unit.

One great advantage is that the property is located within a designated "Oppor tunity Zone," which makes the asset extremely attractive for any development minded investor. Another great advantage is the fact that there is a lot of new development taking place within the downtown Reno core with retail, multifamily development as well as new affordable housing.

The University of Nevada, Reno, a Tier One University, which is rapidly growing and projects a total student population of 25,000 by the year 2030, is just 1.4 miles away while Truckee Meadows Community College is just five miles away. Located in proximity is the Reno- Tahoe International Airport which is only one mile away. The Reno economy continues to experience rapid growth with Tesla, Switch Digital, Google, along with more than 160 businesses relocating their operations to the TRI Center (Tahoe Regional Industrial) Center.