Thursday, January 30, 2014

$14.9 Million Apartment Complex Trades Hands in Nevada

Woodside Village Apartments, 4800 Kietzke Lane, Reno, NV

Kenneth N. Blomsterberg

RENO, NV, Jan. 30, 2014 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Woodside Village Apartments, a 250-unit garden-style property apartment property in Reno, Nev. The asset sold for $14,900,000, which represents a cap rate of 6.82 percent.

            Kenneth N. Blomsterberg, first vice president investments in Marcus & Millichap’s Reno office, had the exclusive listing to market the property on behalf of the seller, a Reno-based limited liability company. Blomsterberg also advised the buyer, a limited liability company based in the Bay Area.

            “Woodside Village Apartments is stabilized asset in a supply-constrained rental market that provides the new owner with an excellent opportunity to enhance value through interior and exterior upgrades,” says Blomsterberg.

            The 201,880-square-foot property is situated on more than 10 acres in a park-like setting at 4800 Kietzke Lane in Reno, Nev.

             Woodside Village Apartments was built in 1976 and has been well maintained by the previous owner for nearly 10 years.

            The property consists of 120 one-bedroom/one-bath units, 72 two-bedroom/one-bath apartments, 40 two-bedroom/two-bath units and 18 three-bedroom/two-bath apartments. Community amenities include a clubhouse, fitness center, swimming pool and tennis court.

For a complete copy of the company’s news release, please contact:

 Gina Relva
Public Relations Manager
(925) 953-1716

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