$15.5 million apartment community sold by Marcus & Millichap
Marcus & Millichap (NYSE: MMI), a commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 1100 Place Apartments, a 230-unit apartment property in Sparks, Nevada. The asset sold for $15.5 million, which equates to $67,400 per unit.
“The new owner will benefit greatly from the rising marketplace and the more than $1.4 million in capital improvements the seller invested in the property,” says Kenneth N. Blomsterberg, first vice president investments in Marcus & Millichap’s Reno office. “The strong multifamily market is being propelled by some major economic drivers—namely Tesla and Switch Digital—along with the Sparks submarket’s exceptionally low vacancy rate of 1.32 percent.”
Blomsterberg, along with Ryan Rife and Benjamin L. Nelson, associates in Reno, had the exclusive listing to market the property on behalf of the seller, a special servicer. The team also secured and represented the buyer, a San Francisco Bay Area-based private investor.
“New ownership will continue to improve the property through further capital expenditures on exterior and interior renovations,” states Rife.
Built in 1975 on more than seven acres, 1100 Place Apartments is located at 1100 15th St. in Sparks. Major renovations completed since 2015 include new siding, exterior painting, enclosed carports, new asphalt, new landings, landscaping and signage. Throughout the extensive exterior renovation process, the ownership maintained an occupancy rate of 96 percent.
WHEN: Tuesday, January 17th / 11:30am
WHERE: Atlantis Casino Resort Spa at 3800 S. Virginia St., Reno
TICKETS: $20-$40 at http://www.renoama.com
Networking begins at 11:30am, Lunch and presentation at 12 noon.
Heather Ashbridge, who started with Nevada State Development Corporation in 2008, previously served in several roles with the organization, including assistant vice president and loan officer. She is based in NSDC’s Reno office.