We’ve added quite a bit of new art (from local artists!) to the streets and alleyways around our Marmot burrows in Midtown. These art pieces are getting great response–and they’ve yet to be defaced, which is quite a feat considering the amount of graffiti these spots used to see. Check ’em out!
The Nevada Center for Entrepreneurship and Technology (NCET) and Reno Gazette Journal have announced the 2013 winners of their Entrepreneur of the Year Awards–and we Marmots are proud to be among the chosen few. The awards dinner will take place tomorrow night, February 21st, when we’ll be presented the award for the Small Company category.
Once upon a few months ago, it was known as the “Cat Pee House” for reasons we don’t need to go into. Today, it’s stands as a testament to the RENOvative power of the Marmots. Here are a few shots from the before and after to give you an idea of the transformation this awesome house went through. Photos thanks to Rick Chapman, who did a photo essay on the before (available here), and thanks to Albert Lewis (check out his other work here) and REreno for the after shots.
“We buy bad houses in good neighborhoods,” said Eric Raydon on Mike Bosma’s News Talk 780 KOH show Bosma on Business radio show this past Saturday. He and brother Brian Raydon talked up Reno’s ‘vibrant and fun’ urban core and laid out some of their strategies for helping build great neighborhoods and investments. “We’re essentially urban infill guys,” said Eric. “As my brother Gary puts it., ‘We’re old-house geeks,’ and there’s nothing we like more than some of these classic old, brick bungalows in some of Reno’s oldest neighborhoods.”
The show touches on everything from Burning Man to SXSW’s controversial wifi hotspots and even includes an inspiring tale about the kindness of strangers in Reno–and a little Marmot heroism. Be sure to stick it out to the end to hear tips on real estate investment from the experts!
September, 1 2012– On this episode of Bosma on Business, Mike goes to Burning Man… yes Burning Man. Join him as he learns how Burning Man has become a business and how ‘burners’ are giving back to the area. Also, the brothers who are behind the boom of the ‘Midtown District” join Mike in studio. Also, the Business Advisors are in to take your calls.
Check out the show! Click here
We Marmots just love making news.
RENO, Nev., Aug 08, 2012 (BUSINESS WIRE) — In the midst of a challenging real estate market, three brothers – each with their own individualized skill set – formed Marmot Companies with an urban renewal mission. With dozens of drastically overhauled properties already under their belts, the group just purchased a multi-million dollar residential property assemblage in Midtown Reno. This urban area is burgeoning with cottage industry businesses, new restaurants and bars, and a large commercial project – all within walking distance of Apple’s recently announced Downtown Reno business center.
Read the rest of this great press release here.
We made the news! Big thanks to John Seelmeyer and Northern Nevada Business Weekly for the great article! Check it out below or on their site.
A Reno company doubled down on its big bet on the continued residential renaissance of Midtown.
In a $2 million, all-cash transaction, Marmot Companies acquired a 17-building package of 31 housing units just south of the new Terry Lee Wells Nevada Discovery Museum.
The company now is investing another $1 million in renovation of the homes that it dubbed “The Assemblage,” says Eric Raydon, one of three brothers who launched Marmot Companies.
“It will be a long-term project, sort of a rolling rehab,” Raydon says.
The company’s newest acquisitions all are in an L-shaped area straddling Sinclair Street between Stewart and Moran streets.The eastern boundary of The Assemblage is directly across Holcomb from the offices of Marmot Companies.
The properties include 12 single-family homes, two duplexes, a tri-plex, a four-plex and an eight-unit apartment building.
Raydon said the properties were acquired by two investor funds operated by Marmot Companies. County and state records show the real estate was sold by AMR Properties Ltd., which is owned by Reno’s Alonso family.
With the newest acquisition, Marmot Companies now owns more than 60 housing units in the downtown area, primarily in the West of Wells and Old Southwest neighborhoods close to Midtown.
Along with Eric Raydon, Marmot is owned by Bryan and Gary Raydon.
The company buys 50 to 100-year-old homes — many of them bargain-priced because are in very poor condition — for renovation into white-picket-fence rentals for professionals and young families interested in living close to jobs in downtown, nearby medical facilities or the University of Nevada, Reno.
“We want to rehab these neighborhoods to the point that we’ll want our daughters to live here,” says Eric Raydon.
He says the company’s portfolio of homes and apartments is essentially fully leased, and the company is fielding inquiries from current tenants who want to move into some of the larger spaces that will be available in The Assemblage properties. The company handles its own management.
“We think we have reached the tipping point in Midtown,” he says.
Crime rates in the West of Wells neighborhood have fallen dramatically in two years, and Raydon credits the focused work of an association of neighborhood residents.
While trendy retail, restaurants and bars have opened along South Virginia Street in the Midtown corridor, Raydon says retailers to meet day-to-day shopping needs such as a grocer and a drug store would help solidify the neighborhood.
From the public sector, he says improvements to facilities for pedestrians and bicyclists would help spur redevelopment of the neighborhood. Developers and renovation companies also have a stake in the improvement of the neighborhood’s public schools as they seek to attract young families, Raydon says.
It’s been dubbed “The Cat Pee House”, and it’s getting closer to transforming into a beautiful duplex. It’s one of our proudest projects, if only because the before was such a great example of our favorite kind of RENOvation.
A big thanks to KTVN for this great coverage of The Assemblage!
From their site:
More renovations are on the way for Reno’s Midtown area.
This, after local investors, Marmot Companies, purchased a collection of 21 residential properties. It’s three brothers who own the company, and they are trying to clean the neighborhood up and make it safer for residents.
They are well on their way, after investing another $2 million into those 21 properties. They plan on restoring all of their newly-purchased properties.
“It’s a full blown, rehabilitation, revitalization effort,” says Eric Raydon with Marmot Companies.
All 21 properties are located just south of the Discovery Museum on South Center Street. That means that community is going to start looking very different in the coming months.
“We started in individual properties, and we’ve moved onto blocks,” Raydon said. “Now, we’re doing entire neighborhoods.”
The Raydon brothers tell us Midtown is the perfect place to continue restoring homes. It’s within walking distance to downtown Reno, and close to shops and restaurants.
Eric Raydon says the ultimate goal is for Reno to follow in Denver’s footsteps. The Mile High City was once filled with old, rundown neighborhoods. Then, investors came in, and cleaned everything up, giving the city a whole new look.
“We believe that the foundation is here, for Reno to become truly great, to become the next Denver,” says Raydon.
Neighbors say they like the sound of that.
“It’s always nice to look out your window and see nice properties rather than, you know, sort of grim and gray ones,” says Joshua Holton. “So, I think it’s a great idea for them to invest in the area.”
Other Midtown residents agree – the area needs some visual improvements.
“Make it more appealing to the eye,” says Sam Osheroff. “Kind of like by California Avenue, and how it is over there.”
And, making things more appealing to the eye is certainly part of the plan.
“Improving the streetscape, starting with the medians,” says Raydon. “Start to repair the sidewalks.”
What was once just a rather small project for the Raydon brothers is now reshaping Midtown’s entire look and feel.
“What’s next for us is we’re going to keep buying,” says Raydon. “We’re going to keep investing in Reno. Right in the heart of Midtown, right in the heart of downtown, we’re going to keep going.”
With the addition of the 21 homes, the Raydon brothers now own a total of 60 units in 35 properties.
We’d like to thank the Northern Nevada Business Weekly for their generous support of our efforts to RENOvate key parts of downtown Reno:
Gentrification of Midtown draws capital and uses elbow grease
John Seelmeyer, 3/5/2012
The smell of cat urine is so overpowering that it will stick to the shoes of brothers Eric and Gary Raydon even after they leave the beaten-down house a couple of blocks west of Wells near downtown Reno.
But in a few months, the house will be renovated from top to bottom, new landscaping will be in place, and a freshly painted white picket fence will greet some of the growing number of renters looking for homes in Reno’s Midtown neighborhood.