Carson City apartment complex sells for $9.75 million
A private California investor has purchased Shenandoah Villas, a 78-unit multifamily apartment complex in Carson City.
The property sold for $9.75 million, or $125,000 a unit. The seller was undisclosed.
Shenandoah Villas is located at 101 Conestoga Drive in Carson City, just off of Interstate 580. The community offers a community center, a pool, a fitness center, a 24-hour laundry facility, barbecue areas and parking.
The community is currently is 98.7 percent occupied.
Aiman Noursoultanova, senior vice president. In the Reno office of CBRE’s brokered the sale. Trevor Breaux and Troy Tegeler ofCBRE’s Debt and Structured Finance Group arranged the long-term financing on the property.
“The Carson City market will continue to benefit from tremendous nearby job growth and an influx of new residents to the area,” said Aiman Noursoultanova, “This transaction is a true win-win for both the buyer and seller.”
Demolition will be completed in three phases: asbestos abatement, interior demolition and exterior demolition. The first two phases have already begun inside the 150,000-square-foot retail location formerly known as Shoppers Square; the first visual of outside demolition will be in early October on the northwest corner of the project.