TODAY’S DEALS: 224-Unit Multifamily Property Sold for $23M, and Other Transactions
- Sep 10, 2008
By Anuradha Kher, Online News EditorReno, Nev.–Marcus & Millichap Real Estate Investment Services has arranged the sale of Bristle Pointe (pictured), a 224-unit multifamily community in Reno, Nev., for $23 million.“Bristle Pointe represented an excellent opportunity for the investor to acquire a quality Class B multifamily asset in the high-growth suburban community of Reno, with the opportunity to increase rents through interior and exterior renovations,” says Ryan DeMar, an associate vice president of investments and director of Marcus & Millichap’s National Multi Housing Group (NMHG).Located at 2050 Longley Lane, the 213,256-sq.-ft. apartment community is situated on 11.2 acres near major employment centers, shopping, recreational areas, schools, parks and the downtown corridor.Bristle Pointe features one-, two- and three-bedroom units. Amenities include a relaxing swimming pool, spa, fitness center, nine-foot and cathedral ceilings, fireplaces and bay windows.Mill Valley Developer Acquires Hayward Apartment Community for $7.1 Million Mill Valley, Calif.–Mill Valley-based Thompson | Dorfman | Talbott Ventures LLC has completed the purchase of Dorchester House, a 68-unit apartment community in Hayward, Calif. for $7.1 million from Pleasanton-based Seaview Financial. Los Angeles-based Mesa West Capital is providing financing for the acquisition.Originally constructed in 1962, Dorchester House is located immediately off Interstate 880 which runs parallel to the southeastern shore of San Francisco Bay connecting San Jose and Oakland. The community comprises one- and two-bedroom units ranging from 650 sq. ft. to 900 sq. ft. in four buildings surrounding a central pool and courtyard. Covered parking is provided for each unit.”This is a very well located market-rate workforce housing development offering larger units than typically available in the immediate local market,” says Bob Talbott, principal, Thompson | Dorfman | Talbott Ventures LLC. ARA Arranges Private Client Group Sale for $1.825MSunrise, Fla.–Atlanta-headquartered Apartment Realty Advisors (ARA) represented a local seller in the $1,825,000 sale of 2109, 2113, 2117 NW 64th Ave. apartments, located in Sunrise, Fla.The 24-unit apartment building features 12 one-bedroom/one-bathroom and 12 two-bedroom/one-bathroom units in addition to three laundry rooms with three washers and dryers. The property has undergone numerous renovations and many of the units have new kitchens and bathrooms. The property was 95 percent occupied at the time of the sale.