In deals totaling $96 million, 2 multifamily properties sold in Carson, Sparks
RENO, Nev. — Commercial real estate firm CBRE recently announced the sales of a pair of multifamily complexes in Northern Nevada, with both transactions totaling nearly $100 million.
According to an Oct. 1 news release from CBRE, Aiman Noursoultanova, a senior vice president with the firm’s Reno office, brokered the sale of Parkway Terraces, a 176-unit multifamily property in Carson City.
The sale reportedly came in at $40.75 million, according to county records.
Andrew Behrens of CBRE Debt and Structured Finance arranged financing on behalf of the buyer, Peak Capital Partners. The buyer was selected through a competitive bid process that resulted in multiple offers, according to CBRE.
Located at 603 East College Parkway in Carson City, Parkway Terraces is a Class A multifamily community featuring a mix of one-, two-, and three-bedroom luxury apartment homes on 7.24 acres.
Originally completed in 2001, nearly half the units were recently upgraded. Units feature nine-foot ceilings, covered balconies, fireplaces, full-sized washers and dryers and pantries.
“Parkway Terraces is a Class A asset offering some of the best amenities in the market,” Noursoultanova said in a statement. “Recent interior upgrades at the property provide an investor with the opportunity to not only capitalize on, but to continue with ongoing improvements, solidifying Parkway Terraces as a premier multifamily community in the region.”
The transaction comes on the heels of CBRE announcing Sept. 25 it brokered the sale of Waterstone at Kiley Ranch, a 203-unit luxury multifamily community in Sparks.
The reported sale price there is $55.9 million, according to county records.
Noursoultanova represented the seller, Village Properties, while Troy Tegeler of CBRE Debt and Structured Finance assisted in financing the deal for the buyer, Green Leaf Partners. Marc Ross of CBRE’s Sacramento office provided advisory assistance on the transaction.
“The fact that the offering received multiple offers and resulted in a very competitive sales price is a testament to not only the quality of the asset, but the strength of Reno’s multifamily market,” Noursoultanova said in a statement. “Reno has posted record breaking multifamily performance thus far in 2019.”
Initially developed as an upscale “for-sale” condominium project in 2007, Waterstone at Kiley Ranch eventually became a 100% for-rent community.
The property at 815 Kiley Parkway — located within Kiley Ranch’s 800-acre master planned community — offers four unique floor plans, featuring multi-story, one- and two-bedroom apartments, all with attached private garages, according to CBRE.
The property features high-end amenities such as stainless-steel appliances, granite countertops, full-size washer-dryer sets, high ceilings, premium finishes and direct-access garages.
Per EDAWN, roughly 1,875 jobs are expected to be created by 15 companies in the process of moving/relocating in 2020, while NNDA in Carson City “has dozens of projects and thousands of jobs in the pipeline.”