Marcus & Millichap Real Estate Investment Services has negotiated the sale of The Waterford, a 240-unit, 201,424 sq. ft. distressed multifamily property in Sparks, Nev. The sales price of $13.87 million represents $57,813 per unit and $69 per sq. ft.
Kenneth Blomsterberg, a first vice president of investments in Marcus & Millichap’s Sacramento office, represented the buyer, AJU Waterford Reno LLC. The seller was BACM 2005-6 Nichols Boulevard LLC. Blomsterberg is an AJU Waterford Reno LLC partner.
The Waterford is located just west of the Sparks Marina and the Legends at Sparks Marina retail center, which is anchored by a 200,000 sq. ft. Scheels all-sports store. “Target and Best Buy are also tenants there. The Waterford is in good condition,” says Blomsterberg.
The apartment complex includes 120 one-bedroom/one-bath units, 32 two-bedroom/one-bath units, 72 two-bedroom/two-bath units, eight three-bedroom/two-bath apartments and eight three-bedroom/two-bath bungalows.
Community amenities at The Waterford, 800 Nichols Blvd., include a swimming pool and spa, a fitness center, and sports courts.