Northland Continues Reno Portfolio Expansion with Acquisition of 2300 West
Transformative renovation plans will elevate 2300 West’s appeal in the vibrant Downtown market
RENO, NV — Northland, a national real estate private equity firm, together with New York-based Ascent Property Management as partner, announced the acquisition of 2300 West, a 220-unit garden-style apartment community in Reno’s vibrant Sierra Meadows submarket. Built in 1973, the property’s central location, adjacent to major employers in Downtown Reno and immediately proximate to the Reno-Tahoe International Airport, presents a strong foundation for $3 million of planned capital improvements.
2300 West is comprised of one-, two-, and three-bedroom apartments, all corner units, located within 31 two-story buildings, on 11 acres. New ownership will further strengthen the community’s offering by investing in unit interior renovations, amenity improvements, landscaping and exterior lighting and green-space courtyards, smart-home apartment upgrades, and long-term preventative maintenance.
“2300 West is well-located directly off I-580, providing residents convenient access to Downtown Reno, Sparks, Carson City, and Lake Tahoe. This central location offers proximity to major employers, shopping centers, public parks, schools, and entertainment options,” says Everett Palozej, Director of Investments at Northland. “Over the past decade, Reno has successfully diversified its economy beyond the gaming industry, attracting prominent employers in the technology sector and positioning the city for long-term growth. The acquisition of 2300 West presents tremendous potential upside through capitalizing on these strong market fundamentals, with the ability to implement capital initiatives and further improve the community.”
Reno-Sparks has emerged as a leading apartment market on the West Coast, with remarkable job and population growth combined with affordable living options. Over the last several years, industrial demand in Reno has also surged, leading to increased job opportunities and a growing regional tax base. Reno’s appeal as an alternative to more expensive markets in California has attracted major corporations, including Tesla, Apple, Google, Amazon, Blockchain LLC, Switch Digital, and Panasonic, bringing thousands of new jobs to the area.
Since Northland’s successful acquisition of Lumina at Spanish Springs in 2021, the company has been actively seeking further growth opportunities in Reno. With the acquisition of 2300 West, Northland expands its presence in the Reno-Sparks market to 550 units, strengthening its local position and demonstrating the company’s commitment to providing residents with top-tier living experiences and attractive and well-maintained communities to call home at all price points.