More living opportunities are going to be available soon in downtown Sparks as Oakmont Properties broke ground on Azure, the new 6,500-square-foot apartment complex located at 550 Marina Gateway Drive last Wednesday. The 1, 2, and 3-bedroom apartments are adjacent to the Outlets at Legends and close to the Sparks Marina. This new building will have 308 living spaces and will also include a coffee bar/cyber café, wellness studio, yoga zone, pet spa, and more within the complex.
Oakmont Properties is a family-owned and operated business that began in 1988. It currently owns 4,438 apartment complexes in California and Nevada, including the 1200 units in the Northern Nevada region.
The Azure groundbreaking ceremony was a big success, with at least three Sparks City Councilmembers in attendance, bankers, builders, and other people involved in the project.
“Oakmont chose to build here in an effort to help revitalize the marina, so everyone is getting on board,” says FPI Management Director Dawn Rowland who has been overseeing the project. “We have the Outlets right here, it’s close to the college and Tesla, and I love the marina. It’s a great location,” she adds.
Oakmont Properties first started acquiring property in the Reno/Sparks area in 2014 when it noticed a housing shortage and potential for economic growth. The family bought Canyon Vista, the Villas at D’Andrea, Caviata at Kiley Ranch, and the Trails at Pioneer Meadows, but this will be its first development of Oakmont’s built from the ground up. Oakmont Properties originally bought the property from LandCap Investment Partners, LLC and the lot next door at 560 Marina Gateway Drive which has been zoned for another 300 units.
“The family has 18 properties that span across California and Nevada. (Original) owners Ron and Maureen Ashley love the Sparks area,” Rowland says. Ron’s son Ryan Ashley is also heavily involved in the business and is the acting CEO. Oakmont Properties is now run as a father/son operation and they are excited to break ground on something that is their own making.
“It really is a family operation, they hold long term employees- many that have been around since their inception in 1988. They are growing and providing jobs in the area- it’s just a fantastic company to work for,” says Rowland.
The average price for a 1-bedroom will lease for around $1350, a 2-bedroom will be around $1750, and a 3-bedroom will be $2080 depending on the floor plan and amenities. Oakmont Properties is planning to partially open Azure in fall of 2019.