Sierra Crest Apartments

Property Consisting of 84 units (6 separate buildings) totaling 37,800 gross sf and 33,580 rentable sf. Unit mix consists of 44 studios (295 to 324 sf), 20 junior 1bd/1ba units (455 sf), and 201bd/1ba units (535 sf). Property was originally built in 1977 and is now in brand new condition.

Very well located near Downtown Reno, the University of Nevada Reno, commercial and retail. Easy access to Interstate 80.

Property was completely reconstructed and renovated in 2008/2009. Total construction costs were just over $1,985,000. Construction/renovation was done by Frank Lepori Construction, one of the most reputable construction firms in the Reno/Sparks market.

Property is wired with expanded cable at bulk grade rate of $20 per unit per month
currently built into the rent. Retail rate for expanded cable is $76 per unit per
month. Free expanded cable to tenants serves as a very attractive amenity and
major draw for prospective renters. New Owner has the prospect of increasing the
price of cable by $20 per month passed on to the tenants across the board once the
property is stabilized. The tenants would still be saving $56 per month. This would
virtually eliminate just over $20,000 in annual operating expenses and could elevate
the value of the property by approximately $300,000.

Brand new comprehensive fi re sprinkler/alarm mechanism was installed. Includes
a sophisticated fi re response system enabling the Fire Department to know which
unit(s) are being affected. Installation of this fi re sprinkler/alarm system lead to a
40% discount in the annual property insurance premium.