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1/11/13
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The Waterford Apartments, a 240-unit multifamily community in Sparks, NV, sold for $17.1 mil, or $71.3k/unit. The property, located at 800 Nichols Blvd, was purchased by a Danville, CA-based investment firm.
Built in 1980, the 201.9k sf property overlooks Sparks Marina Park and includes 32 two-story wood frame buildings with vinyl siding. It comprises 120 one-bedroom/one-bath units, 32 two-bedroom/one-bath units, 72 two-bedroom/two-bath units, eight three-bedroom/two-bath single-floor units, and eight three-bedroom/two-bath duplex units.
Waterford Apartments was extensively renovated during the past five years with all-new windows, doors, siding, landscaping, a pool and spa, and washers and dryers in more than 80 percent of its units. Other amenities include fully equipped kitchens, a health club, and lighted tennis and basketball courts. The asset’s professionally maintained and gated grounds are landscaped in a Mediterranean style, with fountains throughout.
Kenneth Blomsterberg, first vice president investments with Marcus & Millichap, represented the buyer and the selling group, led by Silverwing Development’s J. Carter Witt III.
“Effective rents in the nearby Reno/Sparks metro rose a modest one-half percent last year, and vacancies declined by 55 basis points,” says Blomsterberg. “Although we do see some trends toward home buying in the area, premium properties in desirable submarkets like this one are on solid ground where revenue is concerned.”
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