Montage Condo Building in Downtown Reno Sold

Montage Building Site Downtown Reno
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RENO, Nev. (AP) - The Montage luxury condominium tower in
downtown Reno has been sold to a group of private equity firms
based in Chicago.

S.T. Residential includes Starwood Capital Group, the manager of
the property for previous owner, Montage Marketing Ltd.

STR declined the disclose the sale price. County officials last
year put a value of about $77 million on the converted hotel-casino
with 376 luxury condos.

Fewer than 100 of the units have been sold since the original
developer Fernando Leal and his partner L3 Development first opened the upscale property in April 2009.

STR regional director John Tippins says prices range from
$60,000 for a studio to $650,000 for a penthouse with 3,300-square

The other firms in the joint venture are Texas Pacific Group,
Perry Capital and WLR LeFrak.