RENO, NV – Marcus & Millichap Real Estate Investment Services has arranged the sale of The Montebello at Summit Ridge, a 450-unit multi-family community in Reno, Nevada. The sales price of $56 million represented $124,444 per unit and $112 per square foot.
Stanford Jones, (middle left photo) an executive vice president and senior director of Marcus & Millichap’s National Multi Housing Group (NMHG) in Palo Alto, Kenneth Blomsterberg, a vice president investments and director of the firm’s NMHG in Sacramento, Dylan Mattole, an associate in the firm’s Reno office, and Phil Saglimbeni and Sal Saglimbeni, both associates and senior directors of the firm’s NMHG in Palo Alto, represented the seller, a real estate investment advisory company and the buyer.
“Montebello at Summit Ridge was an excellent opportunity for the investor to acquire a well-designed apartment home community in a strong location in a highly desirable submarketto acquire one of the highest- quality apartment communities in Reno and is evidence that, even in a difficult market, quality assets will still attract strong buyers,” says Jones.
Located at 5200 Summit Drive, the 499,995-square foot apartment community consists of 60 two-story buildings situated on 54.36 acres on a hilltop with unobstructed views of downtown Reno the Truckee River and the Sierra range.
Located at 5200 Summit Drive, the 499,995-square foot apartment community consists of 60 two-story buildings situated on 54.36 acres on a hilltop with unobstructed views of downtown Reno the Truckee River and the Sierra range.
Reno’s city center Downtown Reno is just minutes awaya short drive from the property, providing a quick and easy commute to key employment centers and the Reno Convention Center.
The property is within close proximity to Interstate 80, Highway 395 and the Reno/Tahoe International Airport.
“Successful execution in today’s challenging environment requires a deep understanding of the local market fundamentals and economic drivers”,” comments Phil Saglimbeni.
Built in 1997, Montebello at Summit Ridge includes one-, two- and three-bedroom units. Community amenities include a 9,000-square foot fitness center, resort-style swimming pool with spa, playground and luxury clubhouse. Interior amenities include air conditioning, full-size washer and dryer, gas cooking, fireplaces and private patios. Select floor plans feature ceramic tile countertops and direct-access one- or two-car garage.
Press Contact: Stacey Corso, Communications Department, (925) 953-1716
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