In $35 million deal, Reno apartments sold to New York company
RENO, Nev. — On March 6, real estate investment firm Marcus & Millichap announced the sale of Southwest Village, a 332-unit multifamily apartment complex, to a company based in New York.
The deal for the property at 3295 S. Virginia St. was reportedly worth $35.35 million, which equates to $106,476 per unit. Average unit size is 852 square feet.
“Southwest Village is an affordable, low income housing tax credit property that has been well maintained and will provide the new owners an excellent cash flow and upside appreciation during their ownership,” Kenneth N. Blomsterberg, senior vice president investments in Marcus & Millichap’s Reno office, said in a statement.
Ryan Rife, vice president of investments for Marcus & Millichap; Daniel Winrod, associate; and Blomsterberg represented the seller, PacifiCap Properties, a Portland, Oregon-based company and procured the buyer, a company based in New York.
The 14-building, 500-parking space controlled-access community was constructed in 1972 on more than 11 acres in Old Southwest Reno.
According to a Sept. 3 story from the Reno Gazette Journal, rents for the ‘modern, hip, cool, new residential and retail experience’ will start out at $1,400 for a 540-square-foot unit and $1,800 for an 840-square-foot duplex when the rentals come online later this year.