RENO, N., Sept. 10, 2008 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Bristle Pointe, (top right photo) a 224-unit multi-family community in Reno. The sales price of $23 million represents $102,679 per unit.
Ryan DeMar, an associate vice president investments and director of Marcus & Millichap’s National Multi Housing Group (NMHG) in Sacramento; Kenneth Blomsterberg, a vice president investments and director of the firm’s NMHG in Sacramento; and Dylan Mattole, an investment specialist in the firm’s Reno office, represented the seller, a private partnership based in Northern California. Marcus & Millichap also represented the bu
yer, a private Reno-based owner/operator. “Bristle Pointe represented an excellent opportunity for the investor to acquire a quality Class B multi-family asset in the high-growth suburban community of Reno, with the opportunity to increase rents through interior and exterior renovations” says DeMar.
Located at 2050 Longley Lane, the 213,256-square foot apartment community is situated on 11.2 acres near major employment centers, shopping, recreational areas, schools, parks and the downtown corridor.
Bristle Pointe features a mix of one-, two- and three-bedroom units. Amenities include a relaxing swimming pool, spa, fitness center, nine-foot and cathedral ceilings, fireplaces and bay windows.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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