In $37.55 million deal, Reno’s Skyline Canyon Apartments sold to California company
RENO, Nev. — Marcus & Millichap recently announced the sale of Skyline Canyon Apartments, a 204-unit apartment complex in Reno, for $37.55 million.
According to a Marcus & Millichap news release, Kenneth Blomsterberg, senior managing director investments; Ryan Rife, vice president of investments; and Daniel Winrod, associate, represented the seller, Oakmont Properties and procured the buyer, Campbell, Calif.-based Elan Multifamily Investments.
The deal equates to $184,069 per unit for the complex located at 3300 Skyline Blvd., Reno.
“Situated on a bluff overlooking a canyon in affluent Southwest Reno, Skyline Canyon Apartments is an exceptional multifamily asset,” Blomsterberg said in a statement. “The property’s appealing micro-location, quality construction and favorable unit attributes create strong value-add potential.”
Built in 1973 on just over four acres off the McCarran Loop, the property is situated within a high-profile residential area of custom homes in Reno.
The sale is the newest in a series of deals brokered by Marcus & Millichap.
In February, San Diego-based MG Properties Group announced it worked with the company to purchase the 184-unit Caviata At Kiley Ranch Apartments in Sparks. The deal for $51.7 million equated to $280,978 per unit.
A few weeks later, Marcus & Millichap announced the sale of Southwest Village, a 332-unit multifamily apartment complex at 3295 S. Virginia St., to a company based in New York. That deal clocked in at $35.35 million, or $106,476 per unit.
Government officials attending the summit included Lt. Gov. Kate Marshall, Assemblywoman Alexis Hansen (District 32), Mineral County Commissioner Chris Hegg, Mineral County District Attorney Sean Rowe, and Lyon County Manager Jeff Page.