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9/10/14
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Eastland Hills, a 296-unit multifamily property located in Sparks, NV, recently sold for $27.5 mil, or about $93k/unit. The asset was acquired by Standard Management Co. of Beverly Hills from A.G. Spanos Cos. of Stockton.
Constructed in 1998, Eastland Hills Apartments is composed of 21 buildings situated on almost 16 acres. The apartment homes in this gated complex provide residents with luxury living in Sparks with community amenities such as a fitness center, heated pool and year-round spa, tennis court, barbecue areas and generous in-unit conveniences.
Nearby are many retail, dining and entertainment options, along with the exceptional recreational opportunities made possible by this location’s proximity to the Sierra Nevada Mountains and picturesque Truckee Meadows.
IPA executive vice president investments Stanford Jones and IPA vice presidents investments Philip Saglimbeni and Salvatore Saglimbeni advised the seller in the transaction. Kenneth N. Blomsterberg, first vice president investments in Marcus & Millichap’s Reno office, also provided representation. Jones, Philip Saglimbeni, Salvatore Saglimbeni and Blomsterberg also advised the buyer,
“With its exceptional location just minutes from Reno, Eastland Hills represents an excellent investment in the Sparks core market,” says Jones. “This asset is well-positioned for long-term growth as we expect the Reno-Sparks apartment market will continue to have increasing tenant demand.”
Electric car manufacturer Tesla Motors Inc, which is based in Fremont, has announced that it has selected the Reno area for its new $5 bil battery “gigafactory,” which will employ 6,500 people upon opening and is expected to have 20,000 employees when fully operational. The building is projected to be 10 msf in size and is scheduled for completion in 2017.
“There will be upward pressure on rents with the opening of the new Tesla facility coupled with the limited number of new units being constructed in a market that is already 95-percent-plus occupied,” adds Philip Saglimbeni.
The construction pipeline for new multifamily communities in the area is less than 1,500 units. There are currently 1,118 units under construction with another 350 units in the planning stages.
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