Quail Meadows, located at 5599 Quail Manor Ct, Reno, Nevada, has sold for $14,500,000 to a private real estate investment firm from San Jose, California.
Kidder Mathews Senior Vice President Gerrit Hillebrand, CCIM represented the seller, QM56 LLC, and Kidder Mathews Senior Vice President Ben Nelson, CCIM represented the buyer. Kidder Mathews Senior Vice President and debt and equity specialist Jim Henderson arranged financing on behalf of the buyer.
Quail Meadows consists of 17 one-bedroom/one-bath units, 34 two-bedroom/two-bath units, and five three-bedroom/two-bath units. Quail Meadows was 98% occupied at the time of the sale.
Originally built by the Capurro family in 1988, Quail Meadows is located off of Longley and McCarran Boulevard in a semi-private, quaint community previously known as the Capurro-Quilici Ranch. It is now surrounded by a growing industrial and office corridor and within a few minutes of major retail.
“Given the cap rate expansion we’ve been experiencing along with the ability to source debt, this transaction had a few hurdles,” said Nelson. “However, what made the deal more palatable to lenders is that we had a 1031 trade buyer with 50% LTV, which made it made it a lot easier to get financed.”
“Quail Meadows is a beautiful asset, and one of only two single-story apartment properties in our market,” added Hillebrand. “The seller achieved significant growth in performance during their ownership and was pleased to pass the torch to another quality operator.”
