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 firstname.lastname@example.org.