1830 E. College Parkway
CBRE represented the Seller in the sale of 1830 East College Parkway, a 22,218 square foot single tenant Class A office building located in Carson City. The property sold from a private investor to an Oklahoma-based 1031 private investor for $4,815,500. The building was 100% leased to the State of Nevada on a new 10-year lease at time of sale. Built in 2006, the property shows well with its modern clean design, impressive lobby and high-end finishes in flooring, lighting, and fixtures. Consisting of two stories, the property also features unparalleled views of the Sierra Nevada Mountains is situated along one of the main thoroughfares and offers quick access to the new U.S. Highway 395 bypass freeway and Carson Street.
CBRE represented the Seller in the sale of Sterling Summit, a newly constructed, Class A, student housing project in Reno. The project sold for $70 million to a private buyer, and represents the highest price paid per unit and bed for a student housing property in the Reno market to date as well as the overall largest price in the market for a multi-family asset. Developed by the Dinerstein Companies in 2016, Sterling Summit is a 186-unit/709-bed student housing asset located just one block west of the University Nevada, Reno. The property contains a diverse unit mix and floor plans with two-, three-, four-, and five-bedroom unit types with 100% bed/bath parity.
Paradise Plaza is a 188,608 square foot Kmart and Walgreens anchored retail center located on the signalized corner of Oddie Boulevard and El Rancho Drive within the city of Sparks, Nevada. The center features a total of eight national/regional credit tenants: Kmart, Walgreens, Wells Fargo, Family Dollar, Jack in the Box, US Bank, Payless Shoesource and H&R Block. CBRE represented the Seller in the sale of this property, which was 78% occupied at time of sale and sold to a Los Angeles-based investor for $14.6M. The sale of the property was handled through a managed bid process which resulted to multiple offers. Ultimately, the sale of the property was awarded to the most capable group that could perform in a timely matter.
Hidden Oaks Village Apartments
Hidden Oaks Village is a 112-unit garden-style apartment rental community located in Sparks, Nevada. CBRE represented the Seller and marketed the asset through a managed sale bid process which resulted in multiple bids. The property sold to a private investor from California for $9,150,000 or $81,696 per door. The property features 72 one-bed, one-bath units, two one-bed, one-bath units with den, and 38 two-bed, one-bath units. The community is situated in a park-like secluded setting with mature landscaping with direct access to Pyramid Highway and just minutes from Interstate 80. Recent capital improvements include remodeled gym and community center, installation of 30 high efficiency furnace and air conditioning units, resurfaced parking lot, recently painted siding, trim and fences on all buildings, and more. 100% occupied.
Saint Mary's Center for Health
CBRE represented the Seller in the sale of the $66.250 million Saint Mary’s Center for Health building located at 645 N. Arlington in Reno, Nevada. The Saint Mary’s Center for Health building is a Class A, 190,754 square foot trophy medical office building prominently located in Downtown Reno. Constructed in 2005, this state of the art property sold 100% leased to medical tenants and represents the largest office sale in the Reno market in the past decade. Medical services provided at property include wellness services, physical therapy, obstetrics and gynecology, oncology, radiology, women’s health, neurology, bariatrics and internal medicine.
Canyon Vista Apartments
Canyon Vista Apartments is a 256-unit Class A institutionally owned and managed apartment community located at 5200 Los Altos Parkway in Sparks, Nevada. CBRE represented the Seller and marketed the asset through a managed sale bid process which resulted in multiple bids. The property sold to a private investor from California for $31,750,000 or $124,023 per door. Built in 2001, Canyon Vista offers a mix of one-bed, one-bath, two-bed, two-bath, and three-bed, two-bath units. The property is one of the closest apartment communities to the Tahoe Reno Industrial Park, one of the largest industrial parks in North America, and is ideally positioned to benefit from the anticipated spike in local employment from such recently relocated employers as Tesla/Panasonic, Switch, Zulily, and more.