RENO, Nev., July 21, 2015 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to announce the sale of Sundance West Apartments, a 350-unit multifamily community in Reno, Nev. The $23,450,000 sales price equates to $67,000 per unit and a 5.76 percent cap rate.
Marcus & Millichap first vice president investments Kenneth N. Blomsterberg, IPA executive director Stanford Jones, IPA senior directors Philip Saglimbeni and Salvatore Saglimbeni advised the seller and procured the buyer, a privately held Omaha, Nebraska-based investment group. Ryan Rife and Benjamin Nelson in Marcus & Millichap’s Reno office also provided representation.
“Sundance West is a well-performing, stabilized asset with historically low vacancy rates in a supply-constrained market,” says Blomsterberg. “The new owner has the opportunity to enhance the property’s value through the continuation of the interior upgrade program.”
Blomsterberg fielded multiple inquiries from investors across the United States who wanted to purchase the apartment complex.
“The high level of interest expressed by multifamily investors from California to New York shows the strength and depth of the apartment market in Reno-Sparks,” adds Jones.
The apartment community is located on the corner of Clover Way and Moana Lane near Plumas Street at 3285 Clover Way in mid-town Reno. The Washoe County Golf Course is across the street and the Lakeridge Golf Course is not far away. Moana West Shopping Center is a short drive from the property and Meadowood Mall is approximately two miles away. Two of Reno’s largest casino employers, the Peppermill Resort Spa Casino and the Atlantis Casino Resort Spa are within a mile of the community.
Interior amenities at Sundance West include wood-beamed cathedral ceilings, carpeted flooring, private patios or balconies, spacious closets, dual-pane glass, outside storage, individual air-conditioning, electric heat and central gas hot water heaters. Shared amenities include a stand-alone rental office, three large, heated, outdoor swimming pools surrounded by sundecks, two gazebo areas with barbecue and picnic areas, five laundry facilities, covered parking, and a fitness center.
With a network of senior-level investment advisors located throughout the United States, Institutional Property Advisors (IPA) is qualified to meet the needs of institutional and major private investors. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, superior support services and acclaimed research offer customized solutions for the acquisition and disposition of institutional properties and portfolios.