San Diego company buys Sparks condos for $51.7 million (updated)
UPDATE: Tuesday, March 12
Real estate investment firm Marcus & Millichap announced March 12 the Caviata at Kiley Ranch property sold for $51.7 million, which equates to $280,978 per unit.
The property reportedly sold free and clear of existing debt.
The original story from Feb. 21 is below.
SPARKS, Nev. — San Diego-based MG Properties Group announced Feb. 12 it had purchased the 184-unit Caviata At Kiley Ranch Apartments in Sparks.
Terms of the sale were not disclosed.
Located at 950 Henry Orr Parkway in Sparks, the complex is described as a “condominium quality rental community” consisting of 2- and 3-bedroom townhouse floor plans that average 1,600 square feet.
“The community provides residents with resort-style amenities, including a pool, spa, barbecue lounge area with fire pits, picnic area with gas barbecues, and a fitness center,” according to a news release.
According to the community’s website, rental rates vary from $1,516 a month for a 1,142-square-foot unit (2 bed, 2 bath) and $2,176 a month for a 1,944-square-foot unit (3 bed, 2.5 bath).
The seller was represented by The Blomsterberg Group of Marcus & Millichap and the Jones-Saglimbeni Group of Institutional Property Advisors. Financing was arranged by Brian Eisendrath and Cameron Chalfant of CBRE.
“Unfortunately, once developers show up, history disappears and that’s what’s happening to Harrah’s Reno. Like the historic 1875 Adele’s building in Carson City, Bill Harrah’s crown jewel will disappear into the dustbin of history.”