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.