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| The View Apartments, Reno, NV |
RENO, NV– Institutional Property Advisors (IPA), a multifamily
brokerage division of Marcus & Millichap serving the needs of institutional
and major private investors, has brokered the sale of The View Apartments,
two Class A multifamily apartment complexes in Reno totaling 308 units. The
sales price is $35 million, which equates to approximately $114,000 per unit.
The IPA team of executive vice president Stan Jones and vice
president investments Phil Saglimbeni and Sal Saglimbeni advised
the seller, Fore Property Company.
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| Phil Saglimbeni |
Ken Blomsterberg, a first vice president investments
with affiliated brokerage firm, Marcus & Millichap Real Estate Investment
Services, also advised the seller. The buyer was RPM Company Management Group
based in Lodi, Calif.
“The
View’s stable operations, and embedded upside through loss-to-lease capture
make it a compelling investment,” says Jones.
“Residents favor the property’s location both for its exceptional views,
and for its proximity to downtown Reno, employment centers, public
transportation, schools, shopping, the Reno-Tahoe International Airport and
many recreational outlets, ” adds Blomsterberg.
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| Sal Saglimbeni |
“Operations in Reno have steadily improved over the past 12 months,
offering investors compelling yields with the ability to originate new
financing at historically low interest rates. The combination of these factors
results in strong cash on cash returns,” concludes Phil Saglimbeni.
The
properties are situated on a bluff with unobstructed mountain and city views at
1195 Selmi Drive and 1850 Selmi Drive in Reno near the intersection of U.S.
Route 395 and the McCarran Loop.
Developed in two phases and completed in 2009, The View
includes state-of-the-art fitness centers, resort-style swimming pools and spa,
contemporary, well-designed clubhouses with lounges and designer kitchen areas,
a fully equipped media room and an executive business center.
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| Ken Blomsterberg |
Spacious
interiors, averaging 1,032 square feet, offer a diverse mix of well-designed
floor plans featuring nine-foot ceilings, modern kitchens with high-end
finishes, in-unit laundry, private patios and balconies with storage, and
overall attractive architectural details.
For a complete
copy of the company’s news release, please contact:
Stacey Corso
Public Relations Manager
925) 953-1716
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