Marcus & Millichap Closes Nevada Multifamily Asset Sale
RENO, Nev., March 22, 2021 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Sundance West Apartments, a 350-unit multifamily property in Reno, Nevada.
“The Reno-Sparks region is rapidly evolving with new business development and employment opportunities,” said Kenneth N. Blomsterberg, senior managing director investments in Marcus & Millichap’s Reno office. “This growth, combined with a limited supply of rental housing provides the new owner of Sundance West with the opportunity to capitalize on a well-performing, stabilized asset in a submarket with minimal vacancy.” Blomsterberg, Ryan Rife, and Daniel Winrod represented the seller, Haley Real Estate Group and procured the buyer, Priderock Capital Partners LLC. The acquisition was financed by a government agency loan.
“Previous ownership implemented a renovation strategy that included cosmetic and capital improvements to the interiors, exteriors, and mechanical systems that significantly repositioned the property,” added Rife.
The property is located off Moana Lane, which provides residents with connectivity to Interstate 580. Downtown Reno, the Reno-Tahoe International Airport, and the University of Nevada, Reno are within a 10-minute drive. The nation’s largest industrial park, the Tahoe-Reno Industrial Center, with employers such as Tesla, Panasonic, Google, Switch Digital, Apple, Walmart, and Blockchain LLC, is a short drive away. There are many local parks and trailheads close to the property and the Washoe County Golf Course and Lakeridge Golf Course are five minutes away. Shopping is nearby at Redfield Promenade, Lakeside Crossing and Moana West Annex. “Sundance West attracts tenants who enjoy the central location and ease of access to employment centers, retail and entertainment options, and outdoor recreation,” said Winrod.
The property has three swimming pools with sundecks, open greenbelts, two gazebo areas with barbecues and picnic areas, a fitness center, and five laundry facilities. The property was constructed in 1974 on seven acres.
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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.