I showed The Montage condominium development to a new client last week. I was happy to hear how well sales have been going there this year. How well? According to a just released press release of theirs, The Montage has closed 25 sales in the last quarter and 44 sales YTD. (See The Montage leads home sales in Reno below.) The Montage is now approximately 32 percent sold.[Update August 8, 2011 – KTVN news has picked up the story and is doing a segment on Channel 2 this evening. See Montage Selling More Downtown Condos]
FOR IMMEDIATE RELEASE – Aug. 3, 2011
The Montage leads home sales in Reno
ST Residential’s luxury high rise provides homes in resurging downtown
RENO, NV – The Montage, ST Residential’s downtown luxury residential tower, is leading the way in condominium sales in Reno with 25 closed deals in the last quarter and 44 thus far in 2011, more than any other project in Reno.
Featuring modern architecture and style in a historic building, The Montage offers unique homes that redefine urban living. The Reno community has embraced the downtown property, with 10 closings in May alone. Owners at the Montage have shown their appreciation of the building by further investing in the property.
“Our biggest compliment is the number of owners who have purchased second units or have referred their friends,” said John Tippins, regional managing director for ST Residential. “They love living in the building and enjoying all downtown Reno has to offer.”
The Montage and ST Residential are looking to give back to the community that has embraced it. In July, the property hosted an art installation as part of the Reno Artown festival. Dubbed “Tribute to Local Artists”, the installation was open to the public on July 14th and July 21st and featured works by Marcio Decker, Dianne Cheseldine and Molly Brown. The two events drew more than 200 visitors.
The installation led to increased exposure for the local artists as well as for the building. The Montage saw more than 400 visitors to the property in July, its busiest month of the year.
Located at the corner of 2nd and Sierra Streets, the Montage offers a premiere location with unique amenities such as a state-of-the-art fully equipped 3,000 square foot fitness center, half an acre of outdoor gardens, a 17,000 square foot landscaped pool terrace and a 24-hour receptionist/doorman.
In a resurgent downtown Reno that is seeing new businesses opening or preparing to open for business, The Montage offers the ideal address – footsteps from the Riverwalk with its thriving art galleries, specialty shops, restaurants, bars, taverns and coffee shops as well as the Aces Ballpark and the Truckee River Whitewater Park.
About ST Residential
ST Residential owns or has provided financing for more than 80 condominium properties throughout the U.S., including five assets in Las Vegas and one in Reno. ST’s properties in Nevada include Loft 5, The Ogden, ONE Las Vegas, Newport Lofts, Monterey at the Las Vegas Country Club and The Montage.
ST Residential leads a public-private partnership between the FDIC and a consortium of esteemed private-equity investors, and manages a nationwide condominium-construction project portfolio. Members of the private equity consortium include Starwood Capital, TPG, Perry Capital and WLR LeFrak.
By managing its portfolio with an unmatched level of detail and tailoring projects to the communities they serve, the company strives to be the standard bearer for luxury condominium projects. For more information, visit www.stresidential.com.