In $37.55 million deal, Reno’s Skyline Canyon Apartments sold to California company
RENO, Nev. — Marcus & Millichap recently announced the sale of Skyline Canyon Apartments, a 204-unit apartment complex in Reno, for $37.55 million.
According to a Marcus & Millichap news release, Kenneth Blomsterberg, senior managing director investments; Ryan Rife, vice president of investments; and Daniel Winrod, associate, represented the seller, Oakmont Properties and procured the buyer, Campbell, Calif.-based Elan Multifamily Investments.
The deal equates to $184,069 per unit for the complex located at 3300 Skyline Blvd., Reno.
“Situated on a bluff overlooking a canyon in affluent Southwest Reno, Skyline Canyon Apartments is an exceptional multifamily asset,” Blomsterberg said in a statement. “The property’s appealing micro-location, quality construction and favorable unit attributes create strong value-add potential.”
Built in 1973 on just over four acres off the McCarran Loop, the property is situated within a high-profile residential area of custom homes in Reno.
The sale is the newest in a series of deals brokered by Marcus & Millichap.
In February, San Diego-based MG Properties Group announced it worked with the company to purchase the 184-unit Caviata At Kiley Ranch Apartments in Sparks. The deal for $51.7 million equated to $280,978 per unit.
A few weeks later, Marcus & Millichap announced the sale of Southwest Village, a 332-unit multifamily apartment complex at 3295 S. Virginia St., to a company based in New York. That deal clocked in at $35.35 million, or $106,476 per unit.
Since launching its new pediatric products two years ago, Neo Medical has seen a 35% growth in sales; moreover, the company has seen revenue grow 15% year-over-year since relocating to Sparks in late 2012.