240 Nevada Apartment Units Sell for $17.1 Million

The Waterford Apartments, Sparks, NV

SPARKS, NV – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Waterford Apartments, a 240-unit multifamily community in Sparks. The $17.1 million sales price equates to $71,250 per unit.

            Kenneth Blomsterberg, a first vice president investments in the firm’s Sacramento, Calif. and Reno, Nev. offices, represented the selling group, led by Silverwing Development’s J. Carter Witt III, and the buyer, a Danville, Calif.- based apartment investment firm.

Ken Blomsterberg

  “Waterford Apartments’ unique combination of in-demand location, superior condition and amenities make it an exceptional opportunity for the investor,” says Blomsterberg.

“Effective rents in the nearby Reno/Sparks metro rose a modest one-half percent last year, and vacancies declined by 55 basis points,” Blomsterberg adds. “Although we do see some trends toward home buying in the area, premium properties in desirable submarkets like this one are on solid ground where revenue is concerned.”

Located at 800 Nichols Blvd., the 201,904-square foot, 1980-built property overlooks Sparks Marina Park and includes 32 two-story wood frame buildings with vinyl siding.

 It comprises 120 one-bedroom/one-bath units, 32 two-bedroom/one-bath units, 72 two-bedroom/two-bath units, eight three-bedroom/two-bath single-floor units, and eight three-bedroom/two-bath duplex units.

Waterford Apartments was extensively renovated during the past five years with all-new windows, doors, siding, landscaping, a pool and spa, and washers and dryers in more than 80 percent of its units. Other amenities include fully equipped kitchens, a health club, and lighted tennis and basketball courts. The asset’s professionally maintained and gated grounds are landscaped in a Mediterranean style, with fountains throughout.

 Contact:

Public Relations

(925) 953-1716