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| Woodside Village Apartments, 4800 Kietzke Lane, Reno, NV |
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| 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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