Marcus & Millichap broker sales of apartments
Marcus & Millichap, a leading commercial real estate investment firm with offices throughout the United States and Canada, had a busy first quarter, closing several Reno-area multi-family properties.
Investment specialists in Marcus & Millichap’s Reno office, Kenneth N. Blomsterberg, Ryan Rife and Benjamin Nelson, closed sales on the Silver Chaparral, a 14-unit apartment property at 645 South Virginia St. in Reno; the Seventh Street Apartments, a 32-unit apartment property located at 1385-1445 West 7th Street in Reno; and High Sierra Ranch, a 39-unit single-family complex on Rocky Mountain Street in Stead.
Silver Chaparral sold for $1,125,000 to JRK Investments, LLC, of Las Vegas, and included the two-story house to the west of the property.
Originally a motel built in 1977, the Silver Chaparral was converted to a garden-style apartment building in 1983 with major upgrades at that time. The apartment building is located in a highly desirable Midtown location with high visibility and was 93 percent occupied at the time of closing. The owner plans to completely renovate the property with a new urban-midtown style.
The Seventh Street Apartments, a 32-unit apartment property located at 1385-1445 West 7th Street in Reno, sold for $1,780,000 to Mentor Development LLC of Reno.
The apartments were built in 1963 and consist of 10 one-bedroom/one-bathroom units and 22 two-bedroom/one-bathroom units.
Modest upgrades were done to the unit interiors and new roofs were installed in 2012. The property was 94 percent occupied at the time of the sale. The new owner has undertaken major renovations to the unit interiors with new countertops and cabinets, all new stainless steel appliances and laminate flooring.
High Sierra Ranch sold for $5,046,000 to TKJ Nevada Properties, LLC, from Thousand Oaks, Calif. It consists of 39 individual residences with a unit mix of 18 two-bedroom/one-bathroom units and 21 three-bedroom/one-bathroom units. Major renovations were done to the unit interiors and exteriors. The property was offered unencumbered and the new owner plans to continue the renovations.
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.