Apartment Complex in Old Southwest Reno Sells for $35.35 Million
RENO, Nev., March 6, 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 Southwest Village, a 332-unit multifamily property in Reno, Nevada. The property sold for $35.35 million, which equates to $106,476 per unit.
“Southwest Village is an affordable, low income housing tax credit (LIHTC) property that has been well maintained and will provide the new owners an excellent cash flow and upside appreciation during their ownership,” said Kenneth N. Blomsterberg, senior vice president investments in Marcus & Millichap’s Reno office.
Blomsterberg, Ryan Rife, vice president investments, and Daniel Winrod, associate, represented the seller, PacifiCap Properties, a Portland, Oregon-based company and procured the buyer, a company based in New York.
Constructed in 1972 on more than 11 acres in Old Southwest Reno, one of the city’s oldest neighborhoods, the property is close to employment centers, dining, entertainment, schools and minutes from downtown Reno. The University of Nevada- Reno, Truckee Meadows Community College’s Meadowood Center and Reno-Tahoe International Airport are nearby. The 14-building controlled-access community has two swimming pools, three laundry facilities and 500 parking spaces. Average unit size is 852 square feet.
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About Marcus & Millichap (NYSE: MMI)
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.