240-Unit multifamily asset sold by Marcus & Millichap
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Green Leaf at the Marina, a garden-style apartment community in Sparks, Nevada.
“The property’s exceptional location adjacent to Sparks Marina Park, stable operations, and favorable yield provide new ownership with an excellent foundation upon which to grow revenue by continuing the capital improvement plan,” says Kenneth N. Blomsterberg, first vice president investments in Marcus & Millichap’s Reno office.
Blomsterberg, along with Ryan Rife and Benjamin Nelson, associates in the Reno office, represented the seller, Green Leaf Properties and procured the buyer, MG Properties. MG Properties’ portfolio totals approximately 12,000 units and 46 properties. This acquisition brings its ownership in the Reno market to 1,285 units.
“Investor interest was driven by the area’s strong economic drivers, the property’s current loss-to-lease recapture, the value-add and upside component provided by future interior and community amenity upgrades and free-and-clear delivery,” states Rife.
Built in 1980 on more than 11.5 acres at 800 Nichols Blvd. in Sparks, the property overlooks Sparks Marina Park. The 1.3 million-square-foot Legends at Sparks Marina shopping mall is nearby. Green Leaf at the Marina is a controlled-access community of 32 two-story buildings with a favorable unit mix of one-, two- and three-bedroom homes, five spacious floor plans and extensively landscaped grounds. Substantial improvements have been made to the property over the past eight years.
To learn more, please visit: http://www.MarcusMillichap.com
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