RENO, Nev. — Commercial real estate investment firm Marcus & Millichap recently announced the sale of Kramer’s Midtown II, a 20-unit apartment property near Reno’s Midtown district.
Located at 217 E. Taylor St. between Wheeler and Holcomb avenues — a few blocks east of the Midtown district border — the property sold for $3.475 million, according to an Aug. 20 news release from the firm.
Ryan M. Rife, Daniel J. Winrod and Kenneth N. Blomsterberg, investment specialists in Marcus & Millichap’s Reno office, represented the buyer and seller in the deal, according to the release.
According to Washoe County records, the sale closed Aug. 2, with JRK Investments LLC selling the property to RMP 20 LLC. In 2018, JRK purchased the property for $2.1 million from former owner Yturbide Family LLC.
Constructed in 1984, Kramer’s Midtown II was fully renovated to modern standards in 2018 and consists of eight one-bedroom apartments and 12 two-bedroom apartments and was fully occupied at the time of sale, according to Marcus & Millichap.
“To compliment the asset’s incredible Midtown location, the seller repositioned this property into a luxury, modern community that was perfect for the submarket,” Rife said in a statement. “This property generates some of the highest demand and rents in Midtown. The property is a great addition to the buyer’s existing portfolio, and we are excited for the buyer to have acquired such a prominent, long-term and stable asset.”