San Diego company buys Sparks condos for $51.7 million (updated) | nnbusinessview.com

San Diego company buys Sparks condos for $51.7 million (updated)

NNBV staff report

Exterior view of Caviata At Kiley Ranch Apartments in Sparks.

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.

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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.