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www.pinkhillproperties.nv

www.pinkhilltowers.com

1349 & 1385 N. Virginia St.,

Reno NV 89503

Trans-Action Realty 500

Garry Hill-Thomas

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Contact information:

Garry Hill-Thomas ghillthomas@gmail.com

(510) 333-3844

Trans-Action Realty 500 6880 S. McCarran Blvd. #B7

Reno, NV 89509

For showings, please contact me directly.

Disclosure: Nevada Real Estate licensed Sales Agent, Garry Hill-Thomas of Trans-Action Realty 500 is part owner of the Towers at Pink Hill. The use of this Offer Memorandum and the information provided herein is subject to the terms, provisions and limitations of the Confidentiality Agreement. All offers must be submitted with a written agreement.

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The Towers at Pink Hill Facts:

Address: 1349 & 1385 N. Virginia St., Reno NV 89503

Property APN: 007-125-12 & 007-125-02

Year Constructed: 2017/2018

Lot Size: 0.521 & 0.126 acres

Property Description: Property consists of one

Building & House, Four floors, 23 residential units,

3 ground-floor retail spaces. House next door

3bd/1bh, 1,088sf, 0.126 acres

Type of Ownership: Fee Simple

Construction: Foundation-Concrete, Building-Wood

Framing, Parking-Asphalt, Roof-Composition

Mechanical: HVAC-Central Heat/Air, Wiring-Copper

Property Manager: Heather Foreman, Gauler Realty, 775-240-0483,

heather@gaulerrealty.com

Architect: Marc Burgess, Studio HBA, 775-342-8993, marc@studio-hba.com

Price: 12,500,000

No. Units: 26 student housing &

3bd/1bh house

Property Type: Multifamily & House

next door Properties

Sub-Type: Dormitory & House

Apartment Style: Mid Rise

Building Class: A

Sale Type: Investment

Lot Size: 0.52 AC

Building Size: 37,551 SF

Sale Conditions: Offered Free and Clear

No. Beds: 54

No. Stories 4

Year Built: 2018

Parking Ratio: 0.53/1,000SF

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The Towers at Pink Hill’s Story 1385 N. Virginia St., Reno NV 89503

Developed by college basketball teammates at the University of Nevada-Reno, Garry

Hill-Thomas, MBA, and Kevinn Pinkney, Pink Hill Properties rehabilitates, designs and

builds premiere mixed-use housing. The Towers at Pink Hill features sleek, modern

living spaces with restaurants and retail shops combined to give people residing both

inside and out a real sense of community, and a place to call home.

Born from the founders’ own struggles during college to find clean, modern and

affordable student housing, Pinkney and Hill-Thomas led the rehabilitation of Virginia

Street along the University of Nevada corridor.

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Quick Facts on the University of Nevada

University of Nevada Quick Facts:

Student population of 21,657; expected to grow to 25,000 by 2020

Over $170 million in new or renovated buildings were recently completed

including the state of the art Weigand fitness center

426 degree, certificate and minor programs offered; 129 graduate programs

offered

UNR is part of the Mountain West conference, including schools such as San

Diego State University and the University of Nevada, Las Vegas (UNLV)

85% of enrolled students live in off-campus housing

The University’s Master of Business Administration degree program is ranked in

the top 25 nationally by BusinessWeek magazine. Among the top 25, it is also the

most affordable.

One of the University’s greatest strengths is its earthquake expertise; it is home

to one of the largest earthquake-simulation labs

Joe Crowley Student Union

University of Nevada, Reno

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Amenities

Asking Price: $12,500,000 usd

Directly across the street from the University of Nevada, Reno campus

Student housing on top three floors and restaurants/banking on ground floor

House next door included in sale (3bd/1bh, 1,088sf, 0.126 acres)

Modern, spacious, furnished, luxury living

Continuing tremendous growth of the University's student population (+/- 21,650

students currently)

Controlled key access

Security cameras

Two community decks/student recreational areas

Balconies & vaulted ceilings

Granite countertops

50 inch smart TVs in each unit

The Towers at Pink Hill finished brand new construction in July 2018 on an urban-style, mixed-use building

directly across the street from the University of Nevada, Reno. It is made of 23 furnished units (49 beds with a

mix of studio, 2, three and four-bedroom units), two fully-covered community areas for student recreation and

3 ground level commercial units (6,800 sf). The units are fully-furnished with modern furniture, 50 inch smart

TVs, granite countertops, wood laminate floors, central heating & air, stainless steel appliances, stackable

washers & dryers, controlled key access, desk and chairs. Select units have balconies & vaulted ceilings. This

development is unique to the area in that it offers spectacular views of downtown Reno, Sparks and the

University of Nevada Campus. In addition, two restaurants and a Greater Nevada Credit Union branch located

beneath the student housing and the brand new Wiegand Fitness Center in proximity.

Property next door owned by owner and is included in sale for development/growth of the project. 1349 N.

Virginia is a 3bd/1bh, 1,088sf, 0.126 acres. Conceptual ideas were to build over the current parking lot with

more housing units and retail on the ground floor.

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The rooms are spacious enough to add extra beds to maximize usage. There are 5

bedrooms in the building that hold double-occupancy (renting for $650.00 per bed).

There are 2 units in the building that are retro-fitted to add 2 extra bedrooms.

Retail Rents: Greater Nevada Credit Union tenant is correcting leasing at $3.00 per

square foot. AT&T recently sent an LOI at $3.50 per square foot. The other retail

location is calculated at $3.50 per square foot, which is typical for prime retail frontage

in either University of Midtown areas.

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Storage: Select University properties offer storage, parking or both; a charge of $30 per

student was built into the pro forma model for storage.

Utility Charge: a flat rate of $25 to $35 per student is standard, which pays for water,

sewer, trash, cable (per unit, not in each individual room) and internet (these charges

are built into the rent). Each student pays for his/her own electricity.

*** Property next door owned by owner and is included in sale for

development/growth of the project. 1349 N. Virginia is a 3bd/1bh, 1,088sf, 0.126 acres.

Conceptual ideas were to build over the current parking lot with more housing units and

retail on the ground floor.

Vacancy: No apartment vacancy percentage was applied as these are brand new units.

Bed/Bath Units Square Footage Monthly Rent

Studio 9 663 $1,150 - $1,300 2 / 2 4 1,034 $1,700 - $1,825

3 / 2 3 1,388 $2,350 3 / 3 5 1,358 $2,850 - $3,125

4 / 3 2 1,744 $2,900

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Property Floor Plans

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Modern furnished living spaces, stainless steel appliances, granite counter tops

Subway tile showers, double sink/vanity in most units

Stackable washer/dryer, vaulted ceilings

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View from Brian Whalen Parking Garage, University of Nevada, Reno

View from back, off Terrace St. Third floor residential walkway

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View of N Virginia St from stairwell of 2nd floor

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House Next Door

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Retail Space

+/- 1,954 SF and +/- 2,157 SF of restaurant space available

Grease interceptor installed

Large Garage door for access to outdoor patio seating

Located in heavy foot traffic area of campus, residential housing

above

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Projected Income & Expenses

Income Statement Pro Forma

Residential Rental Income $538,800

Retail Rental Income $270,000

Utility Fees ($25 x 54 students) $16,200 Storage $30 x 54 students $19,440

GROSS INCOME $844,440

Expense Summary Pro Forma

Property Taxes $67,567.51 (2018 recently released)

Insurance $10,904 (Farmers Insurance) Utilities $26,904 (after tenant pays $25 monthly)

Landscaping $0 Repairs & Maintance $5,388

Property Management $37,716 (7% monthly)

GROSS EXPENSES $148,479.48

NET OPERATING INCOME $695,960.52

*Building currently 75% full (August 23, 2018) for residential and 33% for retail. Building was opened mid-June for occupancy.*

The rooms are spacious enough to add extra beds to maximize usage. There are 5 bedrooms in the building that hold double-occupancy

(renting for $650.00 per bed). There are 2 units in the building that are retro-fitted to add 2 extra bedrooms.

Retail Rents: Greater Nevada Credit Union tenant is currently leasing at $3.00 per square foot/NNN. The remaining 2,157 sf retail piece

and 1,954 sf retail locations are projected to lease for $3.50 per square foot/NNN, which is typical for prime retail frontage in either

University or Midtown areas. The remaining piece will also include the outside patio/sitting area into its square footage.

Retail Expenses: No retail expenses were put into the model as retail leases will typically include an expense reimbursement to the

owner.

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Storage: Select University properties offer storage, parking or both; a charge of $30 per student was built into the pro forma model for

storage.

Utility Charge: Most student housing properties charge for utilities; a flat rate of $25 to $35 per student is standard, which pays for

water, sewer, trash, cable (per unit, not in each individual room) and internet (these charges are built into the rent). Each student pays

for his/her own electric.

Northern Nevada… The northern Nevada region offers a variety of urban advantages while having the character of a small western community. Famed as

“the Biggest Little City in the World,” the Reno area has a population of roughly 430,000.

What was once a city predominately known for gaming and entertainment, greater Reno is the place where businesses come to

increase their bottom line and to grow, take advantage of Nevada’s business friendly environment, closer proximity to customers, and

utilize the region’s skilled workforce.

Companies like Tesla, Switch, Microsoft, Apple, Amazon, zulily, Patagonia, Urban Outfitters, Thrive Market, Petco, and Panasonic call

northern Nevada home to some of the their most crucial business functions. With companies like these moving in to the area, many

other companies across the country are recognizing northern Nevada as a desirable destination for business ventures.

Nevada Tax Incentives

From exemptions to abatements to deferrals to the complete absence of taxes, simply operating your business in Greater Reno-Tahoe

adds to your bottom line. Nevada was ranked No. 3 Most Business Friendly Tax Climate by the Tax Foundation for 2015.

Tax Advantage

NO corporate income tax

NO personal income tax

NO franchise tax

NO unitary tax

NO inventory tax

NO inheritance tax

NO estate tax

Nevada has earned many accolades recently, such as:

• Home to Tesla Gigafactory, Apple, Switch and Google

• #5 Most Business-Friendly Tax Climate by the Tax Foundation for 2018

• Nevada is the top state on the Forbes American Dream Index (Forbes - March, 2017)

• Reno ranked in the 2016 Top 100 Best Places to Live (Livability)

• Top 10 of 100 Metro Areas Best Places for Recreation (WalletHub - July 2015)

• 2nd in Nation for Private Sector Job Growth (June 2015)

• Top 25 University of Nevada, Reno’s Executive MBA Program (Princeton Review - May 2015)

• #8 Top 10 Best States for Business (Chief Executive’s 11th Annual Survey - May 2015)

• #6 Top 10 Metro Areas for Q1 2015 Double Digit Home Price Growth (Wall Street Journal - May 12, 2015)

• 1 of 3 Alternative Tech Startups Cities with Less Traffic, More Housing (Entrepreneur.com - May 8, 2015)

• Top 50 Best Cities to Start a Career (WalletHub - May 2015)

• #3 in Worldwide Mining (The Fraser Institute Annual Survey of Mining Companies - February 24, 2015)

• #8 Best Startup City in America (Popular Mechanics - January 2015)

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