GPWM Funds acquired this Reno, Nevada property in September of 2020. Previously operated as the Harrah’s Hotel & Casino, the asset was purchased from Caesars as they were required to divest prior to the merger with El Dorado. Through aggressive negotiations, we acquired the property for under $31/sf. The project will convert the existing 930 hotel rooms into 529 Multi-family units; 130,200 sf of office; 94,415 sf of retail and restaurants; and 59,800 sf of climate-controlled storage. In 2020, Reno was ranked the #1 best small city in the U.S. by BestCities.org—the world’s most comprehensive city ranking. (Previously ranked #6 in 2019) Stimulated by the influx of big-name tech—including Tesla, Apple and Google—the “little city” pushed its way to the top. The current transformation continues to draw young talent from both the arts and technology industries to the area. Reno City Center is situated in the heart of downtown Reno, a block from the Truckee River and within one mile of The University Nevada, Reno.
219 N Center St, Reno, NV 89501
Returns shown are derived from developer projected data. There are many factors that can cause the numbers to be higher or lower than illustrated including time, material and labor costs, rent and operating cost projections as well as interest rates. Potential property level returns will not be indicative of fund returns, due to many factors, which include, but are not limited to, hold period per project, concentration, and management fees. Nothing contained on this site should be construed as tax advice. Please consult your tax professional for specific tax advise. We are happy to visit with your tax professional to discuss Opportunity Zone specific regulations and how they may benefit you. Investments in real estate contain risks that should be understood before investing. The information on this site does not constitute an offering. An offering may only be made by the funds official PPM. Please contact us if you have questions about Opportunity Zone investing or to determine if you qualify to receive offering materials.
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