<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=1OnJtd_1DiM1rJk00" alt="https://img.particlenews.com/image.php?url=1OnJtd_1DiM1rJk00" width="640" height="360" ><figcaption>Lewis Apartment Communities recently broke ground on Santa Barbara at Kiley Ranch, a 386-unit development. Courtesy Lewis Apartment Communities</figcaption></figure>Northern Nevada’s multifamily market returned to a more normalized development pipeline in 2026 with delivery of new doors falling sharply, but a handful of developers are still moving forward with new apartment projects.Park Real Estate Partners of New York is slated to begin leasing at the 65-unit The Residences on Winter Street, a 65-unit boutique condominium-style community. Lewis Apartment Communities recently broke ground on Santa Barbara at Kiley Ranch, a 386-unit development that will be a mix of apartments and townhomes.The Residences on Winter Street is the fifth multifamily development in Reno for Park Real Estate Partners. Located at 126 Winter St., the building is four stories over a single-story concrete parking podium and caters to renters seeking a luxury living experience, said managing member George Graham.The Residences will feature luxury finishes such as GE Cafe series appliances, quartz countertops, induction ranges, under-panel kitchen lighting, and high-end cabinetry. Amenities include a golf simulator, wellness suite with sauna and cold plunge, and gear lockers for outdoors gear.“These are amenities that don’t exist anywhere else,” Graham told NNBW. “There are people who want to live in a condo-style high-end property that you would see in bigger cities around the country but doesn't exist in Reno. Most of the Class-A new build projects in Reno are cookie cutter with the same amenities appealing to the same genre of a transient renter. People who don't want to rent a luxury home to find a high-end rental opportunity don't really have anywhere to turn.“There is demand at the higher end of the market for a high-quality condo-style living experience in terms of the quality of the building, the units, the amenities associated with it and the services provided to the tenants.”General contractor Solum Construction broke ground on the project in September 2023. Leasing is expected to commence Aug. 1.Graham said he came to Reno for the first time in 2016 on the advice of some partners in southwest Florida who had seen the opening of Tesla’s Gigafactory at Tahoe Reno Industrial Center and hinted that the sprawling battery manufacturing facility would turbocharge Northern Nevada’s economy.Graham divested a slate of distressed warehouse properties in Fort Myers, Fla., and found his first investment opportunity at Haskell Row, a ground-up build of 22 duplex units that came online in 2020. Park Real Estate Partner’s next play was a joint venture with Desert Wind Homes to construct the 56-unit Summit Ridge Townhomes at the site of the shuttered Kmart in northwest Reno. Eighteen luxury units at 320 Grand Canyon followed, as well as Grand Canyon Mews, a mix of 14 upscale townhomes and 12 apartments in a gated community.“We build very nice, high-end, modern apartments that people want to live in,” Graham said.Graham remains bullish on Northern Nevada and seeks to increase the size of Park Real Estate Partner’s portfolio, especially with the region’s strong in-migration of new residents. The recent slowdown in new multifamily deliveries will allow landlords to push rents as vacancy tightens, he added.“The supply is not there to keep up with demand, so you're going to see for the next couple of years a good run rate for rents to basically get back to some of the peaks that we had several years ago,” Graham said. “We’re finally bouncing up from the bottom and seeing more favorable rent growth.”The Lewis Apartment Communities project is the company's second venture in Sparks and sixth apartment community in Northern Nevada. The 306-unit Homecoming at Kiley Ranch was completed in 2024 and contains a mix of one- to four-bedroom apartments with detached or direct-access garage spaces.Santa Barbara will feature three floor plans, and each residence will have its own garage. Lewis Group of Companies will be the owner, developer, general contractor and property manager of the gated community.The architecture for the property was inspired by California’s coastal communities.“Santa Barbara introduces new architecture and new housing designs to our multifamily portfolio while continuing our focus on thoughtful planning, quality construction and amenities that create lasting value for residents,” said Robert Lewis, president of the company’s Nevada division.“What sets our company apart from other developers is that we own and manage our properties,” he added. “Our property management staff works directly for our company. We place high value on delivering great customer service.”</div></body>

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Northern Nevada’s multifamily market returned to a more normalized development pipeline in 2026 with delivery of new doors falling sharply, but a handful of developers are still moving forward with new apartment projects. Park Real Estate Partners of New York is slated to begin leasing at the 65-unit The...

Apartment projects move forward amid slowdown

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Northern Nevada’s multifamily market returned to a more normalized development pipeline in 2026 with delivery of new doors falling sharply, but a handful o

Apartment projects move forward amid slowdown

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