$18.7 Million Spring Villas Townhomes Sale in Sparks, NV Arranged by Marcus & Millichap

Spring Villas Townhomes, Sparks, NV

Kenneth Blomsterberg

 SPARKS, NV, March 25, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Spring Villas Townhomes, a 160-unit apartment community located in Sparks, Nev. The $18.7 million sales price equates to $116,875 per unit. The cap rate is 5.31 percent.

            Kenneth Blomsterberg, first vice president investments, and Ryan Rife, associate, both in Marcus & Millichap’s Reno office, represented the seller, WLA Investments Inc., and the buyer, Standard Management Co.

            “Spring Villas’ townhome-style floor plans, high-level interior and exterior property amenities and the location of each townhome on its own lot with no entitlement risk make it an exceptional real estate investment opportunity,” says Blomsterberg.

Ryan Rife

“The property is a stabilized multifamily asset that is well-positioned for long-term growth and additional upside through the option to exit via individual condominium sales,” adds Rife.

            Built in 1978 on 13 acres, Spring Villas Townhomes is located at 431 Spring Villas Drive in Sparks just over five miles from the Reno-Tahoe International Airport, the Reno Amtrak station and downtown.

 Interstate 80, McCarran Boulevard, U.S. Route 395 and Interstate 580 are all nearby. Sparks Marina Park, an 81-acre park with a 77-acre lake and views of the Sierra Nevada Mountains and Truckee Meadows is a one-half-mile walk from the property.

            

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

Gina Relva

Public Relations Manager

(925) 953-1716