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2/12/15
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Oakmont Properties, a NoCal-based private investor, has acquired Villas at D’Andrea, a 256-unit, garden-style multifamily community in Sparks, NV, for $32 mil ($125k/unit). The Class A asset was sold as an REO.
Built in 2002, the community consists of 32 buildings and is one of only a handful of newer properties of its type in Sparks. The complex requires no major renovations at this time.
Amenities at Villas at D’Andrea Apartments include a clubhouse, swimming pool, spa, playground, fitness center, and business center. Each unit is furnished with a fully-equipped kitchen (refrigerator, stove/oven, and dishwasher), full-size, in-unit washer and dryer, and a balcony/patio. The Property contains approximately 401 surface parking spaces for a ratio of 1.6 spaces per unit.
Aiman Noursoultanova of CBRE represented the seller in the transaction. CBRE’s National Loan Sale Advisory Group arranged financing for the acquisition through its Debt & Equity Group. According to Noursoultanova, the property listing garnered a record level of activity with both private and institutional buyers submitting bids and ultimately led to a record price for this property type in the Northern Nevada region.
“The attractiveness of the multifamily investment in Northern Nevada is supported by strong existing fundamentals in the market, as well as substantial forecasted job and wage growth in the region”, said Aiman Noursoultanova. “In addition, the Tesla announcement and the property’s proximity to the new Gigafactory supported the investor’s confidence in the future growth and stability of the asset.”
Villas at D’Andrea offers investors an attractive opportunity with strong cash-flow and growth prospect. Overall, market fundamentals are strong and the multifamily market in Reno/Sparks has witnessed all but a full recovery. Tesla Motors, Inc. and the State of Nevada reached an agreement in September 2014 to build the company’s new estimated $5 billion lithium-ion battery factory 10 miles east of Sparks. It is estimated that the factory will employ 6,500 workers as well as bring thousands of jobs for its construction. The Villas at D’Andrea Apartments is uniquely positioned to benefit from the development, as it is the closest Sparks apartment complex to the Tahoe-Reno Industrial Center where the factory is to be built.
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