$27.5 Million Multifamily Complex in Sparks NV Sold by IPA

Stanford W. Jones

SPARKS, NV – Institutional Property Advisors (IPA), a division of Marcus & Millichap serving the needs of institutional and major private real estate investors, has arranged the sale of Eastland Hills, a 296-unit multifamily property located in Sparks, Nev., for $27.5 million.

            IPA executive vice president investments Stanford Jones and IPA vice presidents investments Philip Saglimbeni and Salvatore Saglimbeni advised the seller, A.G. Spanos Cos. of Stockton, Calif.

Kenneth N. Blomsterberg, first vice president investments in Marcus & Millichap’s Reno office and winner of the 2013 Reno Summit Multi-Family Broker of the Year award, also provided representation.

Jones, Philip Saglimbeni, Salvatore Saglimbeni and Blomsterberg also advised the buyer, Standard Management Co. of Beverly Hills.

Philip Saglimbeni

            “With its exceptional location just minutes from Reno, Eastland Hills represents an excellent investment in the Sparks core market,” says Jones.  “This asset is well-positioned for long-term growth as we expect the Reno-Sparks apartment market will continue to have increasing tenant demand.”

Electric car manufacturer Tesla Motors Inc., which is based in Fremont, Calif., has announced that it has selected the Reno area for its new $5 billion battery “gigafactory,” which will employ 6,500 people upon opening and is expected to have 20,000 employees when fully operational. 

The building is projected to be 10,000,000 square feet in size and is scheduled for completion in 2017. 

“This facility will be a major boost to the Reno/Sparks economy,” states Blomsterberg.

Sal Saglimbeni

“There will be upward pressure on rents with the opening of the new Tesla facility coupled with the limited number of new units being constructed in a market that is already 95-percent-plus occupied,” adds Philip Saglimbeni.

The construction pipeline for new multifamily communities in the area is less than 1,500 units.  There are currently 1,118 units under construction with another 350 units in the planning stages. 

Constructed in 1998, Eastland Hills Apartments is composed of 21 buildings situated on almost 16 acres.

 The apartment homes in this gated complex provide residents with luxury living in Sparks with community amenities such as a fitness center, heated pool and year-round spa, tennis court, barbecue areas and generous in-unit conveniences. 

Nearby are destination retail, dining and entertainment options, along with the exceptional recreational opportunities made possible by this location’s proximity to the Sierra Nevada Mountains and picturesque Truckee Meadows.

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

Gina Relva

Public Relations Manager

(925) 953-1716