$13.8 Million Bank-Owned Multifamily Property Changes Hands in Sparks, NV

 SPARKS, NV – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has negotiated the sale of The Waterford (top left photo), a 240-unit, 201,424-square foot distressed multifamily property in Sparks. The sales price of $13,875,000 represents $57,813 per unit and $69 per square foot.

Kenneth Blomsterberg (bottom right photo), a first vice president investments in Marcus & Millichap’s Sacramento office, represented the buyer, AJU Waterford Reno LLC. The seller was BACM 2005-6 Nichols Boulevard LLC. Blomsterberg is an AJU Waterford Reno LLC partner.

“The Waterford is located just west of the Sparks Marina and the Legends at Sparks Marina retail center, which is anchored by a 200,000-square foot Scheels all-sports store,” says Blomsterberg. “Target and Best Buy are also tenants there. The Waterford is in good condition,” adds Blomsterberg.

The property is located at 800 Nichols Blvd. The unit mix is 120 one-bedroom/one-bath units, 32 two-bedroom/one-bath units, 72 two-bedroom/two-bath units, eight three-bedroom/two-bath apartments and eight three-bedroom/two-bath bungalows.

Community amenities at The Waterford include a swimming pool and spa, a fitness center and sports courts.

 Contact: Stacey Corso, Public Relations Manager, (925) 953-1716