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7/21/14
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A CA-based private investor involved in a 1031 exchange paid $9 mil for Talus Point Apartment Community, a 125-unit ($72k/unit) multifamily property in Reno, NV. The property sold at a 5.8% actual and 7% proforma cap rate.
Talus Point Condominiums is a townhome-style complex located in the foothills overlooking Reno. Most of the units have a view or back onto an open space. The property is situated one mile to the west of Truckee Meadows Community College, and one mile north of the University of Nevada, Reno.
There are nine different floor plans ranging from studios to three-bedroom units. Many of the townhomes have been recently renovated and feature designer baths and kitchens, granite counter tops and sleek appliances. Amenities include a 24-hour state of the art fitness center, resort style pool, three community laundry facilities, reserved parking, and a brand new resident business center.
Aiman Noursoultanova, CCIM, of CBRE’s Reno office represented the buyer in the off-market transaction. According to Noursoultanova, “Talus Point Apartments represents a great opportunity for the hands-on investor due to its location just north of the University and its large size townhome-style units. With market wide vacancy at 3.8% and with the Northeast submarket vacancy at 3.3%, this submarket is poised for strong growth.”
The buyer secured a new attractive CMBS loan through CBRE’s Debt & Structured Finance team based in Sacramento, led by Kevin Randles. The property is managed by Reno based Gaston & Wilkerson Management Group.
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