312-unit 'luxury apartment' broke ground in northwest Reno
This week, California-based developers broke ground on a 312-unit apartment community on the corner of Sharlands and Mae Anne avenues in northwest Reno near Somersett.
“We are thrilled to be breaking ground on the Vida Luxury Living project here in Reno,” CEO Jim Previti said in a news release. "Our company is proud to bring a luxury lifestyle to area residents and we are very grateful to the city for helping bring this project to fruition."
San Diego-based Guardian Capital partnered with Sacramento-based BSB Design for architecture and Reno-based construction firm Geney-Gassiot for construction. The community will be managed by Folsom, Calif.-based FPI Management.
Plans for the 20-acre development planned for Reno include a private dog park, a bocce ball court, a playground, gated entry and attached garage parking for some apartments.
"Regional economic and population growth is generating housing demand, particularly for multi-family homes," Reno City Councilmember Jenny Brekhus said in a news release.
The project will replace a previously planned single-family home project that stalled during the recession, Brekhus said in the release, and stayed vacant for several years.
"The new project brings a welcome housing option to northwest Reno," she said.
Key takeaways: The average U.S. apartment rent increased by $6 in March, reaching $1,312 according to Yardi Matrix. Again the California cities make up the bulk of the rent-growth list, with twelve of the top 20 cities located within the state’s borders. This time Lancaster and Stockton took the No. 1 and No. 2 spots. New York has the nation’s highest rents, and San Francisco, with the second highest rent, saw the biggest y-o-y rent drop in the nation for March, decreasing 4.3% over the year.
Rental prices for Vida won't be announced until next spring or summer when the community starts taking leases. Diehl said 15 people already signed up for the waiting list.
The community plans to feature one, two and three-bedroom homes in a country club-like community environment.
“I think people want that luxury lifestyle, they want to be pampered and Vida will provide that," Diehl said. "It’ll be the premier location, for sure.”
Planned amenities include large open park areas, satellite barbecues, a pool and spa with cabanas, a clubhouse with a technology lounge, valet door-to-door trash service, 24-hour package pick-up and a fitness facility.
"Young professionals and families are getting priced out of the market," said Shannon Diehl, who manages the property and lives in Reno. "But families still want the convenience and luxury items."
Planned interior features include plank flooring, quartz countertops, energy efficient stainless steel appliances and Bluetooth-enabled designer lighting.
“With the economy changing, wages are going to go up,” Diehl said.
The country's wage growth is stagnant at 2.5 percent growth, the same as it was in 2009, according to the Bureau of Labor Statistics. In Reno, the median wage has decreased as lower wage jobs have been added to the market, creating a downward trend despite higher employment rates, according to Nevada Department of Employment, Training and Rehabilitation.
Ever-increasing rents have continued to put stress on Reno residents while Californians move from the far more expensive Bay Area with less concern for the price.
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"We’re seeing shifting from Bay Area people who don’t bat an eye," Diehl said of other properties FPI manages.
She said even government subsidized affordable housing rents are increasing.
The three-story apartments should finish construction in about 12 months.