CBRE is pleased to present for sale a Class A entitled multifamily development opportunity located in the fast-growing community of Fernley, Nevada. Sherwood Village will consist of 316 units in 17 buildings featuring a mix of 1, 2, and 3-bedroom units, as well as a clubhouse. Conditional use permit (CUP) and tentative map are approved by the City of Fernley. Final map ready for submission within 30 days or less pending Buyer’s approval of current entitlements. Includes dedicated water rights. Located just 30 minutes east of the Reno/Sparks metropolitan area, Fernley is situated near major employment centers including the largest industrial park in North America: 107,000-acre Tahoe Reno Industrial Center with prominent employers such as Tesla, Google, and Switch. Fernley is home to 4,300-acre Victory Logistics District, master planned by Mark IV Capital; 78-acre Nevada Commerce Center by Buzz Oates; and a new 446,940 sq. ft industrial project by Mohr Capital, among others. The July 2024 median sales price for existing single-family residences in Lyon County was $414,995, an increase of 9.2 percent from the previous year. With home prices elevated, the demand for rental units continues to be high.