A partnership between CAI Investments, a property manager/developer and private placement sponsor, and Gryphon Private Wealth Management has completed its purchase of the 1.3 million-square-foot Harrah’s Reno Hotel and Casino in Nevada. The DI Wire previously reported that the purchase price was $50 million.
Harrah’s Reno was sold by VICI Properties and Caesars Entertainment and will be converted into the Reno City Center, a mixed-use project that will include approximately 528 market-rate rental apartments, 150,000 square feet of office space, and 80,000 square feet of retail space including bars, coffee shops, restaurants, grocery store, gym and entertainment.
“The goal with the property is to offer much-needed housing, office and services to allow companies like Tesla, Google and many other businesses to expand their labor force in the Reno metro market – all of which are instrumental in the continued diversification of the Reno economy”, said Christopher Beavor, chief executive officer at CAI Investments.
Michael Guterman with Highland Realty Capital arranged the financing on behalf of Arena Investors LP.
Headquartered in Las Vegas, CAI Investments is a vertically integrated real estate development company that finances, develops and manages commercial properties across the United States.