Nevada apartments sold

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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....