12/9/2008

Reno apartment community sold for $56 million

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The Montebello at Summit Ridge, a 450-unit multi-family community in Reno, Nev., has sold for $56 million.

Seller I & G was represented by Marcus & Millichap while the buyer was represented by Sperry Van Ness.

The 500,000 square foot community at 5200 Summit Drive includes 60 two-story buildings. It is situated on 54.36 acres on a hilltop with unobstructed views of downtown Reno, the Truckee River and the Sierra range. Built in 1997, it is comprised of It of one, two and three-bedroom units.

The sales price of $56 million represented $124,444 per unit and $112 per square foot.

Address: 5200 Summit Drive, Reno, Nev.

Size: 499,995 square feet

Built: 1997

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Filed Under: Multi-Family

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