Grant’s Landing

Grant's Landing

RENO, NV

Ground-up development of a 416-unit Class A multifamily project in Downtown Reno, NV

Asset Type

Multifamily

Acquired

2021

Scope

416 units

Key Investment Thesis

  • Opportunity to deliver a best-in-class residential offering in an extremely desirable location – the project is situated directly on the Truckee River near the Riverwalk District and Midtown District, which together form Reno’s most urban, diverse, and vibrant neighborhood which has been experiencing significant growth due its unique lifestyle offering.
  • Continued evolution of the Downtown and Midtown neighborhoods as well and the Reno market as a whole, which continues to experience an influx of new residents and employment growth, including Tesla’s recent announcement of an additional $3.6 billion investment into two new factories in Reno as well as Redwood Materials’ announcement for a new $3.5 billion battery recycling facility.
  • Historically undersupplied housing market in Reno which has led to significant continued rent growth within the market.
  • Grant’s Landing focuses on the shift in demand towards highly amenitized Class A housing within the Downtown submarket which historically has seen very limited institutional quality multifamily product.

JMA Value Creation

Acquired the site at a favorable basis while securing an attractive seller financing structure.
Assembled best-in-class A&E team while navigating Reno’s construction market during a period of record high new development.
Identified an opportunity to participate in the Qualified Opportunity Zone tax program, allowing investors to benefit significantly from special tax treatment of capital gains from the IRS stemming from the Tax Cuts and Jobs Act of 2017.

Aloft Hotel

Aloft Reno-Tahoe International Airport

Reno, NV

Ground up development of a 164 key hotel adjacent to the Reno-Tahoe International Airport with subsequent successful recapitalization as the property reached stabilization.

Asset Type

Hotel

DEVELOPED

2020

Scope

164 Keys

EXIT

Recap completed Aug. 2022

Key Investment Thesis

Opportunity to develop a well-located hotel in a high growth and burgeoning lodging market, providing highly attractive annual cash flow returns for investors.
  • Post development recapitalization providing opportunity for new investors to participate in return growth as the hotel reaches stabilization
  • Rare off-market ground lease opportunity sourced through the Reno-Tahoe Airport Authority, with development option for adjacent land

JMA Value Creation

JMA developed the project on schedule and on budget, successfully delivering the hotel at an attractive basis. JMA then provided significant value for its “Phase 1” investors by recapitalizing the hotel in August 2022, with 4x gross returns on initial investor equity.

Quickly ramped up asset towards stabilization, despite hotel opening only months after the onset of the pandemic

Successful Phase I exit with substantial investor returns, while allowing Phase 2 investors to participate in continued upside as the property nears full stabilization
Negotiated accretive ground lease with Reno Airport Authority that features zero property tax
Managed full development and operation process from inception to hotel opening, delivering on budget in a volatile construction market

ANC Portfolio

ANC Portfolio

Henderson, NV

Acquisition and repositioning of a 439,000 SF class A & B office portfolio located in the Green Valley master-planned community of Henderson, NV.

Asset Type

Office

Acquired

2018

Scope

439,000+/- SF (8 buildings)

EXIT

  • 6 buildings sold: 2022
  • 2 buildings sold: 2023

Key Investment Thesis

  • Off-market acquisition at attractive basis given previously failed disposition process and challenging CMBS debt encumbering a portion of the portfolio.
  • Significant value creation possible through leasing of existing vacant space as well as lease rolls of existing tenancy.
  • Extremely desirable location and robust submarket within broader Las Vegas MSA poised for significant growth during hold period.
  • Strategic capital improvements to modernize the dated assets, including common areas and landscaping in conjunction with new tenant buildouts.
  • Strong continued market growth of the overall Las Vegas area given sustained in-migration driven by affordability and high quality of life.

JMA Value Creation

Off-market transaction sourced through JMA’s relationship with the owner and original developer.
Implemented $2.0 million of strategic capital improvements and $5.4 million in tenant improvements including strategic speculative leasing initiatives such as a complete interior demolition and rebuilding of a 33,000 SF former trade school space.
Successful leasing strategy, bringing portfolio from 73% leased at time of acquisition to 92% leased at the time of sale, despite 286k SF of lease roll between 2019 and 2022, and, despite Covid-19 impacts to the office market, successfully executing on more than 160k SF of new and renewal leasing in 2021 alone on the heels of the shut-down.
Leasing highlights included a 47k sf lease to public healthcare company as well as the re-tenanting of former trade school space to three credit tenants in the insurance and financial services sectors.
Assumed challenging CMBS loan while navigating to a favorable exit ending with defeasance of CMBS debt.
Facilitated a successful sale process while achieving attractive exit pricing of $329/SF (vs. acquisition basis of $200/SF) during a time of significant disruption to capital markets in the office sector.