MG Properties Group recently acquired the Parq Crossing Apartments in Sparks.

According to Washoe County records, the transaction is valued at $82 million.
Built in 2020, Parq Crossing is a 288-unit, 3-story garden style community located at 2280 Oddie Blvd.

The property welcomed its first residents in August 2020 — at the time, rents started at $1,100 a month for a 425-square-foot studio; $1,295 a month for a 645 sq. ft. one-bed, one-bath apartment; and $1,500 for a two-bed, two-bath apartment at 902 sq. ft.

A year later, according to the property’s website, rents range from $1,301 to $1,598 for the 425-sq.-ft. units and $1,822 to $2,081 for the 902 sq. ft. apartments.
The average rent in Reno-Sparks broke past $1,600 for the first time.

What goes up - never comes down - or so it seems, in Reno-Sparks as apartment rents posted yet another record-high for the fifth quarter in a row.

The average rent for an apartment in Reno-Sparks reached $1,607 during the second quarter of this year, a record-breaking trend that has continued since the second quarter of 2020, according to real estate appraisal and consulting firm Johnson Perkins Griffin.
“The moratorium is driving rental prices up … by keeping people in homes and creating a false occupancy,” said Mackenzie Warren, a lawyer with the McDonald Carano law firm who represents the apartment industry. “An apartment community might be at 100% occupancy but that’s not economically accurate because a landlord may have units available once the moratorium lifts.”

Although job growth has been the prime culprit in the rush for apartment units in the area in recent years, the issue has been further exacerbated by the pandemic as more companies become open to remote work. For Northern Nevada, that has meant an influx of new workers eager to avoid the higher cost of living in neighboring California while maintaining their higher wages.
“Just over 4,000 apartment units are currently under construction in the Reno-Sparks market, with over 5,900 units in the planning stages,” the Johnson Perkins Griffin report said.

“Due to the Covid-19 pandemic, it is likely that development of planned units will be delayed in the short-term, until the ultimate impact of the pandemic is known.”