Reno, Nevada– CBRE’s National Loan Sale Advisory Group and CBRE Reno’s Aiman Noursoultanova recently arranged the sale of a Class A REO, 256-unit garden-style multifamily community known as the Villas at D’Andrea in Sparks, Nevada. CBRE’s also arranged financing for the acquisition through its Debt & Equity Group.
CBRE represented the Seller, and the property sold at a price of $32,000,000 or $125,000 per door. The property sold to Oakmont Properties, a Northern California based private investor.
The property listing garnered a record level of activity with both private and institutional buyers submitting bids and ultimately led to a record price for this property type in the Northern Nevada region.
“The attractiveness of the multifamily investment in Northern Nevada is supported by strong existing fundamentals in the market, as well as substantial forecasted job and wage growth in the region”, said Aiman Noursoultanova. “In addition, the Tesla announcement and the property’s proximity to the new Gigafactory supported the investor’s confidence in the future growth and stability of the asset.”
Noursoultanova believes that the multifamily market will continue to perform exceptionally well in the region and will continue to garner strong interest from the national investor community.
About the Villas at D’Andrea
The Villas at D’Andrea is a Class A, garden-style multifamily community consisting of 256 units located in Sparks, Nevada. The 32 buildings comprising the complex were built in 2002 and require no major renovations at this time. The Villas are one of only a handful of newer vintage apartments in Sparks.
Villas at D’Andrea Apartments was built in 2002 and is one of a few newer vintage complexes in the area. The amenities at the property include a clubhouse, swimming pool, spa, playground, fitness center, and business center. Each unit is furnished with a fully-equipped kitchen (refrigerator, stove/oven, and dishwasher), full-size, in-unit washer and dryer, and a balcony/patio. The Property contains approximately 401 surface parking spaces for a ratio of 1.6 spaces per unit.
Villas at D’Andrea offers investors an attractive opportunity with strong cash-flow and growth prospect. Overall, market fundamentals are strong and the multifamily market in Reno/Sparks has witnessed all but a full recovery. Tesla Motors, Inc. and the State of Nevada reached an agreement in September 2014 to build the company’s new estimated $5 billion lithium-ion battery factory 10 miles east of Sparks. It is estimated that the factory will employ 6,500 workers as well as bring thousands of jobs for its construction. The Villas at D’Andrea Apartments is uniquely positioned to benefit from the development, as it is the closest Sparks apartment complex to the Tahoe-Reno Industrial Center where the factory is to be built.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.