Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Keyway Apartments, a 230-unit apartment asset in Sparks, Nevada. The property sold for $32 million, or $139,130 per unit.
“Keyway is a stabilized asset that has received numerous capital and amenity improvements,” said Kenneth N. Blomsterberg, senior managing director investments in Marcus & Millichap’s Reno office. “Rebranded in 2019, the property has been primed for the new owner to continue the momentum of the value-add opportunity.” Blomsterberg, Ryan Rife, and Daniel Winrod represented the seller, Elan Multifamily Investments (EMI), and procured the buyer, Montgomery Partners. “We found the repositioning of Keyway rewarding and a great testament to the long-term potential of the asset,” said Christie Johnson, EMI’s chief operating officer.
“Located in one of the Sparks area’s stronger submarkets, Keyway is well positioned to be a great long-term investment,” added Rife. The property is minutes away from Downtown Reno, the Reno-Tahoe International Airport and access to Interstate 80, U.S. 395 and Interstate 580. Shopping is nearby at the Outlets at Legends, and the property is bordered by Sparks High School, a public library, city park, and residential homes. The Sierra Nevada mountain range and Pyramid Lake are a short drive from the community. Built in 1975 on seven acres and renovated in 2019, the property has six three-story residential buildings, an office, an all-new pool deck, pet play area, barbecue area and fire pit. “We expect that new ownership will find ample success in the further improvement of Keyway, especially through the interior renovations that the property is ready to receive,” said Winrod.