A 131-unit apartment community in Sparks, Nev., has sold for $13 million, according to an announcement Monday from Marcus & Millichap Real Estate Investment Brokerage Co.
The sales price for the 131-unit apartment community represents $99,237 per unit and $84 per square foot.
Built in 1988, Mountain Meadows is located at 3230 Wedekind Road. The apartment community consists of all two-bedroom units ranging in size from 950 square feet to 1,200 square feet. The complex is situated on 7.07 acres and offers 154,020 rentable square feet.
Kenneth Blomsterberg, a senior investment associate in Marcus & Millichap’s Sacramento office, along with Christopher LoBello of Marcus & Millichap’s Las Vegas office, represented the seller in the transaction. They also secured and represented the buyer. The seller was Fishman Trust and Durell Trust. The buyer was MM Condominiums LLC, a locally based Reno company.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage focusing exclusively on real estate investments.
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