44-unit apartment building sells for $3.8M in Reno
May 2, 2017
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Vista Point, a 44-unit apartment property located in Reno, according to Ryan G. DeMar, regional manager of the firm's Reno office. The asset sold for $3,850,000.
Kenneth N. Blomsterberg, Senior Vice President Investments, Ryan Rife and Benjamin L. Nelson, Associates in Marcus & Millichap's Reno office, had the exclusive listing to market the property on behalf of the seller, Miami-based Altis Cardinal, LLC. The buyer, Tablerock Capital, LLC, was procured and represented by Kenneth N. Blomsterberg, Ryan Rife and Benjamin L. Nelson, along with Timothy Flint, Matthew Wilson and Phuong Miyamoto with Seattle's CBRE Tax Credit Group.
Located just above the University of Nevada, Reno at 250 Talus Way, Vista Point is a Low-Income Housing Tax Credit (LIHTC) property comprised of two-, three- and four-bedroom units. It was 100 percent occupied at the time of the sale with a waiting list.
"The investor pool for LIHTC (Affordable) properties remains extremely active," said Blomsterberg. He added that "Vista Point is a well-maintained asset in a favorable university-area location."
"With a four percent submarket rent growth projected over the next four quarters, coupled with the ability to place new historically low financing on the property and a current high occupancy, will provide the Buyers with a stable, performing asset with generous returns for years to come," added Rife.
Vista Point was built in 2000, a three-story garden-style apartment community providing an inviting atmosphere with abundant on-site parking, on-site rental office, children's playground, picnic and barbeque areas and plenty of acreage and walking trails for pets.