Newmark Arranges Sale and Financing of 404-Unit Village at Iron Blossom in South Reno, Marking Largest Multifamily Transaction in Market Since 2022

Newmark has arranged the sale and financing of Village at Iron Blossom, a 404-unit Class B multifamily community located at 690 East Patriot Boulevard in South Reno, Nevada, the firm announced May 12, 2026. The transaction stands as the largest multifamily real estate deal by sales price in the Reno market since 2022, according to Newmark Research, signaling what the firm describes as a meaningful inflection point for pricing and investor confidence in the region.

Financial terms of the sale and financing were not disclosed.

Newmark Investment Sales Team Led Transaction

A Newmark investment sales team led by Vice Chairman Jonathan Merhaut represented the seller in the transaction. Merhaut's team has advised on more than 50% of all institutional multifamily sales and recapitalizations in the Reno market over the past three years, with total volume exceeding $400 million, according to the firm.

"We're thrilled to have facilitated one of the most important multifamily transactions in Reno in recent years," Merhaut said in a statement. "Village at Iron Blossom sets a new benchmark for pricing in the market and reinforces the conviction and depth in demand from capital surrounding Reno's growth story."

The transaction included a financing component arranged by Newmark. Loan amount, terms, and lender identity were not disclosed.

Property Overview: Class B Asset With Decade of Capital Investment

Village at Iron Blossom is a garden-style apartment community originally built in 1984. The property remained under the same ownership for approximately a decade, during which the owner reinvested an estimated $12 million in capital improvements to maintain its positioning as a Class B community in the South Reno submarket.

Reno Multifamily Market Context

The transaction underscores what Newmark describes as robust capital demand for well-located institutional multifamily assets in the Reno market. According to Newmark Research, Reno ranked among the top-two rent growth markets on the West Coast in 2025.

Newmark's Position in Reno Institutional Multifamily Sales

Newmark's investment sales team, led by Merhaut, has advised on more than half of all institutional sales and recapitalizations in the Reno market over a three-year period, representing over $400 million in total volume, according to the firm.

Newmark Group, Inc. (Nasdaq: NMRK) generated revenues of more than $3.4 billion for the twelve months ended March 31, 2026, and operates from over 185 offices with more than 9,600 professionals across four continents.