Nevada apartments sold

Marcus & Millichap brokered the sale of the 234-unit Willowbrook Apartments in Reno, Nev.

The value of the transaction was $12.7 million.

Willowbrook Apartments is located at 4050 Baker Lane. The property consists of 222,150 rentable square feet on approximately 11.3 acres. Originally constructed in 1972, the community has undergone approximately $750,000 in capital improvements since 2003. The unit mix includes one studio, 20 one-bedroom, 203 two-bedroom and 10 three- bedroom apartments, ranging in size from 500 to 1,450 square feet.

At the time of sale, occupancy was 92.4 percent.

A Northern California-based investment group sold the property to a Southern California-based investor.

Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.

***

What's your opinion? Send your Letter to the Editor to opinion@inman.com.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.