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7/22/15
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Sundance West Apartments, a 350-unit multifamily community in Reno, sold for $23.45 mil, which equates to a price of $67k per unit and a 5.76 percent cap rate. The buyer is a privately held Omaha, Nebraska-based investment group.
The apartment community is located at 3285 Clover Way, on the corner of Clover Way and Moana Lane 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.
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 in the transaction. 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.”
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