9/10/2008

Marcus & Millichap inks $23M deal for Reno apartments

by

Bristle Pointe

Bristle Pointe, a 224-unit apartment complex in Reno, Nev., has been sold to a locally-based private owner for $23 million.

The deal was brokered by Ryan DeMar, Kenneth Blomsterberg and Dylan Mattole of Marcus & Millichap's Sacramento and Reno offices. The seller was Petaluma, Calif.-based Bristle Point Apt Assoc., LLC, according to Washoe County records.

Built in 1990, the multi-family property is located at 2050 Longley Lane and sold for $102.679 per unit. It sits on 11.2 acres and contains 213,256 square feet. Bristle Pointe last sold in 2003 for $16.52 million, according to county tax records.

Blomsterberg and Mattole are currently marketing Parkway Manor, a 176-unit apartment building in Carson City. The property has an asking price of $25.8 million, or $146,591 per unit.

Address: 2050 Longley Lane, Reno, Nev.

Size: 224 units

Built: 1990

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Filed Under: Multi-Family

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