Sparks Apartment Complex Trades Hands at $51.7 Million
SPARKS, Nev., March 12, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Caviata at Kiley Ranch, a 184-unit multifamily asset in Sparks, Nevada. The property sold for $51.7 million, or $280,978 per unit. The property sold free and clear of existing debt.
“Caviata at Kiley Ranch, which has an approved condominium map, is a first-class multifamily ‘for rent’ community with a value-add component in a prime Spanish Springs, Sparks location,” said Kenneth N. Blomsterberg, senior vice president investments in Marcus & Millichap’s Reno office. “The property is poised for future growth following the recent expansion of major companies in the region such as Tesla, Apple, Google, Switch Digital, Blockchain, Amazon, Petco and Boeing.”
Blomsterberg, Ryan Rife, vice president investments, and Daniel Winrod, associate, represented the seller, Oakmont Properties and procured the buyer, MG Properties Group.
“In addition to the current loss-to-lease recapture potential, one of the most compelling attributes of the Caviata at Kiley Ranch offering was the opportunity to create value with cosmetic enhancements to the unit interiors,” notes Rife.
The property is close to the Links at Kiley Ranch golf course, Pyramid Lake Highway, The Outlets at Legends shopping center, restaurants and entertainment. The University of Nevada, Reno and Western Nevada College are nearby. Constructed in 2006 on nearly 14 acres, the 23-building community’s two- and three-bedroom townhouse floor plans average 1,600 square feet. Community amenities include a swimming pool, spa, fitness center, direct access garages, and miles of jogging and biking paths.
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With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.