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TEXAS/SOUTHWEST NEWS
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Reno Multifamily Property Sells for $14.9 Mil

2/05/14

Woodside Village Apartments, a 250-unit garden-style property apartment property in Reno, recently sold for $14.9 mil ($59.6k/unit). The 201.9k sf property, situated on more than 10 acres in a park-like setting at 4800 Kietzke Lane, sold at a cap rate of 6.82 percent.

Woodside Village Apartments was built in 1976 and has been well maintained by the previous owner for nearly 10 years. The property consists of 120 one-bedroom/one-bath units, 72 two-bedroom/one-bath apartments, 40 two-bedroom/two-bath units and 18 three-bedroom/two-bath apartments. Community amenities include a clubhouse, fitness center, swimming pool and tennis court.

Kenneth N. Blomsterberg, first vice president investments in Marcus & Millichap’s Reno office, represented the buyer, a limited liability company based in the Bay Area, and the seller, a Reno-based limited liability company.

“Woodside Village Apartments is stabilized asset in a supply-constrained rental market that provides the new owner with an excellent opportunity to enhance value through interior and exterior upgrades,” says Blomsterberg.






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