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2/02/17
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LandCap Investment Partners LLC and its capital partner, Strand Corporation, have acquired Marina Village Apartments, a 240-unit apartment community in Sparks, NV, for $35 mil ($146k/unit) in an off-market transaction. The acquisition was financed with a $26.25 mil loan secured through Freddie Mac’s CME Program, was arranged by HFF.
Marina Village Apartments is located at 350 Harbour Cove Dr, adjacent to Reno’s central business district. The property, which overlooks Sparks Marina Park Lake, is situated near many area amenities, including the 1.2 msf Outlets at Legends, Victorian Square in downtown Sparks, The Nugget Casino Resort and I-80, which provides access to the greater Reno Valley.
The property features a mix of one-, two- and three-bedroom units averaging 948 sf in size. The community offers common area amenities such as a clubhouse, swimming pool, spa, fitness/wellness facility, playgrounds and business center.
HFF’s Zack Holderman, Rob Hinckley and Chris Collins arranged the securitized loan, which will be serviced by HFF, a Freddie Mac Multifamily Approved Seller/Servicer for Conventional Loans. Loan proceeds were used to acquire the property.
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