The investor enters the market with the purchase of Lumina at Spanish Springs, a 330-unit apartment complex in the Reno-Sparks area.

Northland Investment Corp. has entered the Nevada market. The investor has acquired Lumina at Spanish Springs, a 330-unit apartment complex in the Reno-Sparks area after tracking the market for several years. The property is a new-construction garden-style community that had a healthy leasing activity through the pandemic.

“We have been tracking the Nevada market for several years now. Most major cities in Nevada are very tax-friendly and it has a low cost of living, so we have seen a lot of inward migration,” Mike Campbell, associate VP of investments at Northland, tells GlobeSt.com. “We identified Nevada several years ago as target market. We have had some swings and misses, but this was an opportunity for us to get a foothold with brand new class-A garden product that really checks all of the boxes for us.”

Lumina at Spanish Springs is a typical investment for the firm, which targets strong suburban locations in the Sunbelt region. Currently, 50% of the firm’s portfolio is located in the Sunbelt region. “It really fit our strengths and competencies as well as our future goals to continue in this space,” adds Campbell.

While Nevada—including Reno and Las Vegas—have been considered target investment markers for the last several years, the state was also hit hard by the loss of tourism and gaming revenue during the pandemic. However, Campbell says the market also showed resiliency over the last year. “The local gaming industry was greatly impacted, but over the last five years, the local market has diversified away from that industry as the primary source of employment in the area,” he says. “We have seen that with the development of the TRI Center and a lot of Bay Area companies that are starting to expand operations as secondary offices. Over the last 12 months, we have seen a lot of growth and there has been a lot of people that have fled to secondary locations for a better quality of life with lower costs. So, overall, we have seen positive trends.”

The purchase will likely be a catalyst for more growth in the region. “We consider ourselves to be broadly opportunistic. Now that we have a flag planted in the market, we will look broadly at more garden opportunities, mid-rise, high-rise and development plays,” says Campbell. “For us, it is a matter of having that first flag planted and then finding opportunities to grow. Given our nature and the ability to look at more complex deals, it is really a luxury that we found something that we consider our bread-and-butter, and now we can look at the more opportunistic deals that will help us grow.”

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SPARKS, NV (February 18, 2021) – Northland Investment Corporation today announced its entrance into the Nevada market with the acquisition of Lumina at Spanish Springs, a sprawling multifamily residential community located in Sparks, NV. The property offers 330 tastefully designed one- to three-bedroom homes with resort-style amenities across beautifully-manicured grounds. Over the past few months, Lumina at Spanish Springs successfully completed its lease-up, facilitating an average of 35 move-ins during each month of the pandemic – a testament to the quality of its homes and the growing demand in the Reno-Sparks market.

“Lumina at Spanish Springs’s refined homes, ideal location, and superior amenities provide a fantastic living experience for residents, and we are thrilled about this acquisition,” said Mike Campbell, Associate Vice President of Investments at Northland. “The Reno-Sparks region’s reasonable property prices, low tax rates, and modest cost of living position the market extremely well for future growth as it continues to expand upon its established reputation as one of the most advantageous areas for development, especially in comparison to nearby California markets with sky-high costs of living and doing business. This acquisition and entrance into Reno reflect our long-standing commitment to affordable and business-friendly markets set up for long-term  success, and we are proud to add Sparks, Nevada to our portfolio of key secondary markets.”

Lumina at Spanish Springs features a suite of luxurious amenities that enhance its exceptional lifestyle, including a resort-style swimming pool with cabanas and a separate hammock garden; a modern and fully equipped fitness center featuring TRX, cardio, boxing, kettlebell and weight training equipment; outdoor fire and barbecue areas; a resident lounge featuring a billiards room, shuffleboard, and ski ball; a business center; a dog park with play structures; and a variety of outdoor gaming options. Lumina residents can also take advantage of the many attractions that the surrounding area has to offer, including some of the world’s most popular outdoor destinations such as Lake Tahoe’s world-class ski resorts, beaches and hiking trails; the Black Rock Desert; Boca and Stampede Reservoirs outdoor services; Red Hawk Golf Course and Resort; and several local parks and trailheads. Lumina is also proximate to multiple prominent retail centers featuring dining, entertainment and shopping destinations, as well as the University of Nevada, Reno.

In addition to its amenity spaces and nearby points of interest, the homes at Lumina offer an unmatched residential experience. Each of its spacious homes are “corner units” featuring oversized windows, allowing residents to enjoy multiple exposures and abundant natural light. The units are equipped with gourmet chef-inspired kitchens featuring premium stainless-steel appliances, gas ranges, quartz countertops with undermount sinks, islands, subway tile backsplashes, and textured wood cabinetry for a sleek and modern feel. Lumina’s homes also feature full-size washers and dryers, elegant wood-style plank flooring in the living areas and plush carpeting in the bedrooms, as well as rentable and attached garages for added comfort and convenience.

Reno-Sparks has undergone an explosion of economic development over the past few years as high-profile international companies such as Tesla, Apple, Google, Amazon, Blockchain LLC, Switch Digital and Panasonic have established themselves in the region. Lumina at Spanish Springs is located close to the region’s two corporate hotspots, the Tahoe-Reno Industrial Center (TRI-Center) and Reno Technology Park, which are home to over 130 institutional companies. As the region continues to attract and cultivate these top-tier businesses, the local economy will continue to boom and its attractiveness as a market will rise even further.

Northland owns and operates a diversified multifamily portfolio that includes more than 26,000 units across the U.S. This acquisition adds Nevada to Northland’s portfolio of long-term secondary and tertiary markets within New England, Austin, and Southwestern and Southeastern United States.

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