Bentar Development and Basin Street Properties have sold the new upscale apartments to the regional property management and investment company.
Reno, NV (date August 1, 2017) – Bentar Development and partner Basin Street Properties have sold the 94 unit 3rd Street Flats to LandCap Investment Partners. The upscale residential mixed use complex, which opened in December of 2016, arose from the former Kings Inn and at over 90% plus occupancy adds to the momentum of a revitalized downtown Reno.
“Redeveloping the Kings Inn into the lively and successful 3rd Street Flats that you see today has been a goal of ours since we moved our headquarters here in 2009,” said Matt White, CEO of Basin Street Properties. “The property sat vacant for over 30 years until ChiChi Bengochea of Bentar Development and our team were able to combine our collective vision and expertise to completely remake it as new, upscale apartments.” The sale of the property enables Basin Street to focus its energy on other redevelopment opportunities in the region.
“We see a great deal of long term potential in the Reno-Sparks Market and are excited to be a part of the region’s growth,” said Steve Hinckley, CEO of LandCap Investment Partners. “3rd Street Flats fits well within our portfolio of apartment and mixed use communities and I believe we can raise the bar with our experienced team working across these properties.” 3rd Street Flats is the 10th property in LandCap’s Nevada portfolio. Other local multi-family and mixed use properties include Square One at Victorian Square, The Resort at Tanamera, Waterfront at Sparks Marina and The Marina Village.
The new, luxury rental homes feature open concept floor plans with contemporary finishes including high-end appliances, European cabinetry, quartz surface countertops, pendant lighting, plank flooring and ceramic tile in baths. It also features a sky pool and sun deck on the third level, a fitness studio, secure underground parking and the pet friendly amenities of a bark park and dog washing station. “We are very pleased with the end result,” said Bengochea. “My wife Dorothy and I have invested a great deal in the details of the project and bringing it to life, so it is satisfying to see it realized.”
The complex features approximately 9,000 square feet of retail space on the ground floor, which includes the Korean restaurant Bab Café and the neighborhood grocer Urban Market. The property also features fireside roof deck and barbeque area, panoramic views, social lounge, on-site storage and bike amenities. Plus, the great location is walkable to nearby entertainment including Whitney Peak Hotel, Nevada Museum of Art, Silver Legacy and Aces Ballpark. For more information on 3rd Street Flats, visit 3rdStreetFlatsReno.com.
About Basin Street Properties:
Basin Street Properties, headquartered in Reno, Nevada, is one of Northern Nevada’s and Northern California’s most prominent developers, investors and managers of commercial properties. Basin Street has become widely recognized for its office, retail, hospitality, multi-family and mixed-use developments. Founded in 1974, the company offers a broad range of real estate services, including development, property management, construction management, financial and asset management, and property acquisition and disposition. For more information contact Mike Williams, Vice President of Marketing, 775-954-2900, firstname.lastname@example.org or visit basin-street.com.
About Bentar Development:
Founded in 1991, Bentar Development, Inc. is a well-established and respected design/build general contractor and professional manager of construction services. The award-winning company is owned by long-time Nevada resident Amador “Chi Chi” Bengochea.
The company delivers a wide range of commercial, industrial, retail, hospitality, multi-family office and medical projects in the Las Vegas market. Some of the Bentar’s projects include: Primm Valley Resort Travel Center and 436 unit employee housing, projects for MGM Resorts and Station Casinos, Bishop Gorman’s new athletic training center, Southwest Hospital, Red Rock Casino Resort Bowling Alley and many other restaurants, retailers, offices and schools. Bentar’s most recent project is the 200,000 square foot Ultimate Fighting Championship corporate campus in Las Vegas.
About LandCap Investment Partners:
LandCap is a mixed use and housing sector investment firm that utilizes a differentiated and diversified yet focused investment strategy to pursue opportunities in land entitlement and redevelopment adaptive reuse. LandCap Investment Partners is a vertically integrated real estate investment firm, generating attractive risk-adjusted returns through current income and capital appreciation.
Led by a team of seasoned professionals, the LandCap management has on average 30 years of experience in land, entitlement, development, capital markets and fund investment. LandCap professionals and advisors have real estate, construction, development and operating company expertise, combined with long-standing relationships with strong local, regional, and national contacts and sponsors that can access investment opportunities aligned with LandCap’s initiatives. For more information visit www.LandCapIP.com