Capital apartment complex sells for $18.65 million
A San Francisco-based investment group last week closed on its purchase of the 176-unit Parkway Manor Apartments in Carson City, paying $18.65 million.
Ken Blomsterberg, first vice president of investments for Marcus & Millichap’s Roseville office, represented the seller of the complex built in 2000 at 603 E. College Parkway in Carson City adjacent to the WalMart. Aiman Noursoultanova with CBRE represented the buyer.
The selling price translates to $105,956 per unit — an aggressive price for Carson City or even for Reno properties, Blomsterberg says, but it’s still well below the high-water mark of a competing property in Carson City.
The Dolphin Bay apartments sold for $160,000 per unit just before real estate prices began their prolonged decline.
The Parkway Manor Apartments, considered to be a Class A property, drew five offers, Blomsterberg says, but marketing of the property was abbreviated as the property was sold just a few months prior to foreclosure auction.
The buyers concluded the transaction quickly in an all-cash deal, he adds. The deal was done at a 7.63 percent capitalization rate.
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