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| Sundance West Apartments, 3285 Clover Way, Reno, NV |
RENO, NV – Institutional
Property Advisors (IPA), a division of Marcus & Millichap specializing in
serving institutional and major private real estate investors, is pleased to
announce the sale of Sundance West
Apartments, a 350-unit multifamily community in Reno, Nev. The $23,450,000
sales price equates to $67,000 per unit and a 5.76 percent cap rate.
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| Kenneth N. Blomsterberg |
Marcus & Millichap
first vice president investments Kenneth
N. Blomsterberg, IPA executive director Stanford Jones, IPA senior directors Philip Saglimbeni and Salvatore
Saglimbeni advised the seller and procured the buyer, a privately held
Omaha, Nebraska-based investment group.
Ryan
Rife and Benjamin Nelson in
Marcus & Millichap’s Reno office also provided representation.
“Sundance West is a
well-performing, stabilized asset with historically low vacancy rates in a
supply-constrained market,” says Blomsterberg. “The new owner has the
opportunity to enhance the property’s value through the continuation of the
interior upgrade program.”
Blomsterberg fielded multiple inquiries from
investors across the United States who wanted to purchase the apartment
complex.
“The high level of
interest expressed by multifamily investors from California to New York shows
the strength and depth of the apartment market in Reno-Sparks,” adds Jones.
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| Philip Saglimbeni |
The apartment community is
located on the corner of Clover Way and Moana Lane near Plumas Street at 3285
Clover Way in mid-town Reno. The Washoe County Golf Course is across the street
and the Lakeridge Golf Course is not far away.
Moana West Shopping Center
is a short drive from the property and Meadowood Mall is approximately two
miles away. Two of Reno’s largest casino employers, the Peppermill Resort Spa
Casino and the Atlantis Casino Resort Spa are within a mile of the community.
Interior amenities at
Sundance West include wood-beamed cathedral ceilings, carpeted flooring,
private patios or balconies, spacious closets, dual-pane glass, outside
storage, individual air-conditioning, electric heat and central gas hot water
heaters.
Shared amenities include a stand-alone rental office, three large,
heated, outdoor swimming pools surrounded by sundecks, two gazebo areas with
barbecue and picnic areas, five laundry facilities, covered parking, and a
fitness center.
For a
complete copy of the company’s news release, please contact:
Gina Relva, Public
Relations Manager
(925) 953-1716
