Marcus & Millichap negotiated the sale of the 350-unit Sundance West Apartments in Reno, Nev.
The transaction was valued at approximately $16 million.
A northern California-based investment partnership sold the property to a southern California-based investment partnership in a 1031 exchange.
Sundance West Apartments is located at 3245 Clover Way. The garden-style community incorporates 237,900 rentable square feet on 7.7 acres of landscaped grounds. The community was constructed in 1977 and features five floor plans, heated swimming pools, full laundry facilities, garages and/or covered and assigned parking, gated access and professional on-site management. The unit mix includes 60 studios, 207 one-bedroom and 83 two-bedroom apartments, ranging in size from 450 to 950 square feet. Occupancy was 96 percent at the time of sale.
Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage.
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