Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Skyline Canyon Apartments, a 204-unit apartment complex in Reno, Nevada. The property sold for $37.55 million, which equates to $184,069 per unit.
“Situated on a bluff overlooking a canyon in affluent Southwest Reno, Skyline Canyon Apartments is an exceptional multifamily asset,” said Kenneth Blomsterberg, senior managing director investments in Marcus & Millichap’s Reno office. “The property’s appealing micro-location, quality construction and favorable unit attributes create strong value-add potential.” Blomsterberg, Ryan Rife, vice president investments, and Daniel Winrod, associate, represented the seller, Oakmont Properties and procured the buyer, Campbell, Calif.-based Elan Multifamily Investments.
“Northern Nevada is an appealing destination for companies in search of tax incentives, affordable cost of living options for employees and high quality of life,” commented Rife. “The appeal is evident in the diverse and growing Reno-Sparks submarket where companies such as Tesla Motors, Switch Digital, Google, Apple and Microsoft have recently expanded their footprints.”
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. Downtown Reno and the Reno Riverwalk District are approximately four miles away. The Hunter Creek Trailhead, Bartley Ranch Regional Park and Lakeridge Golf Course are all within a five-minute drive of the community. Lake Tahoe is a 30-minute drive away.