San Diego company acquires Marina Village Apartments in Sparks
SPARKS, Nev. — Sunroad Enterprises, a San Diego-based real estate investment and development company, has acquired the Marina Village Apartments in Sparks, according to a Nov. 26 press release.
The property, located a stone’s throw from the Sparks Marina at 350 Harbour Cove Drive, was purchased for an undisclosed price.
“Marina Village Apartments is a modern, highly-amenitized property in the vibrant and rapidly growing neighborhood of Sparks,” Dan Feldman, President of Sunroad Asset Management, said in a statement. “The property is a strong addition with value add potential to Sunroad Enterprises’ continually growing Nevada portfolio of multi-family projects.”
According to the release, the Marina Village Apartments were recently upgraded with modern features and finishes. In addition, the company plans to make renovations to the gym and outdoor community area.
According to the housing community’s website, units are available in three sizes: 739 square feet (1 bed, 1 bath), 1,035 square feet (2 bed, 2 bath) and 1,256 square feet (3 bed, 2 bath). Rent prices found on apartment listing websites range from $1,390 for a one-bedroom unit to $1,740 for a three-bedroom unit.
“Marina Village is a unique property that fits well within our existing portfolio,” Mike Dow, executive VP of Sunroad’s Multifamily Division, said in a statement. “The acquisition of Marina Village comes at a time of strong growth for Sunroad Enterprises. We are excited to expand our footprint in Nevada and solidify our Western region growth with this dynamic project.”
The sale comes weeks after neighboring Waterfront at the Marina — located at 375 Harbour Cove Drive — announced it will open its waterside luxury apartments in February 2019.
Reno’s median home price jumped to $413,405 in November, a 4 percent increase from the same month a year ago. Meanwhile, across greater Reno-Sparks, November’s median price of $400,000 remained unchanged from October.