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| Marina Gardens Apartments, 550 Howard Drive, Sparks, NV |
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| Laura Cathlina |
Sparks, NV -– A
partnership between L5 Investments and Alamo Equities has acquired Marina Gardens Apartments, a 200-unit
apartment community, for $14.25 million in Sparks, NV. The property is situated
on 11.78 acres and is located at 550 Howard Drive.
The partnership is
planning to add value to the property by investing nearly $4 million for needed
updates and upgrades in order to better meet the demand of local renters. It
will also be re-branded and re-named Marina’s Edge within the next few months.
Built in 1973, Marina
Gardens is a garden-style, pet-friendly community featuring 31 two-story
buildings comprised of a total of 60 one-bedroom units, 100 two-bedroom units,
and 40 three-bedroom units that include private balconies or patios, walk-in
closets, and full kitchens. On-site amenities include three laundry rooms,
barbeque areas, two playgrounds, and approximately 278 parking spaces.
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| Kenneth Blomsterberg |
The property is less than
one-half mile north of Interstate 80 and is one block from Sparks Marina Park,
which includes a 77-acre lake and a number of recreational activities.
The community is also
easily accessible to the Tahoe Reno Industrial Center, a 107,000-acre park with
a 30,000-acre industrial complex that is under phased development. It is slated
to be the world’s largest manufacturing industrial park and is creating
tremendous job growth for the Reno-Sparks market – upwards of 50,000 jobs could
be created by 2017.
“Marina Gardens is a
perfect fit for L5’s value-add investment strategy,” said Michael Flaherty, founder and CEO of L5 Investments, a Northern
California-based multifamily investment firm.
“It is well-located in an explosive growth job
market and provides us with the opportunity to add significant value by
improving overall management; resolving significant deferred maintenance
issues; and adding features and amenities that will attract renters seeking a
quality rental living environment. We
hope to continue to add similar, multifamily assets in Reno to our portfolio.”
The new ownership plans on
implementing upgrades to all 200 units that will include in-unit washer and
dryers; upgrades to landscaping; and introducing new branding and signage.
Additionally, the property will be professionally managed by FPI, one of the
largest property management companies in the nation. FPI also has a strong
track record and presence in the greater Reno area.
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| Jeremy Cline |
"Putting all the
incredible and exciting market fundamentals aside, we just really liked the
Sparks Marina location,” said Jeremy
Cline, president and co-founder of Alamo Equities, a Bay Area investment
firm.
“So no matter what happens
with the local economy, we think there will always be a strong demand to live
in a cool, edgy apartment community that will provide beach cruisers and paddle
boards to its tenants."
Sparks is located in the
northwest portion of the state, east of Reno and about six miles from the Reno
Airport. The Reno-Sparks region has been rapidly growing as large companies,
including Tesla, Amazon, Apple, and SuperNAP choose bring operations to the
market.
These businesses are
spurring a wave of new businesses centered in technology, distribution,
warehousing, and manufacturing. Tesla is currently underway with construction
of its “gigafactory,” a 5.8 million-square-foot battery manufacturing facility
considered to be the second largest building by volume in the world.
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| Michael Flaherty |
Additionally, SuperNAP has
made Reno-Sparks its new home and is constructing a $1 billion, 3
million-square-foot campus which is slated to be the world’s largest data
center of its kind.
Laura Cathlina
of Berkadia arranged the debt on behalf of the ownership. Kenneth Blomsterberg of Marcus & Millichap brokered the
transaction on behalf of both the buyer and the out of state sellers, RAF, LLC
and BDS, LLC, that owned the property since 2001.
For a complete copy of the company’s
news release, please contact:
Darcie Giacchetto
949.278.6224
