MG Properties Group Pays $52M for Nevada Multifamily
The deal for the 23-building complex calculates out to $280,978 per unit, according to Marcus & Millichap, which announced the transaction. The property, which was constructed in 2006, was sold free and clear of existing debt.
SPARKS, NV—San Diego-based MG Properties Group has acquired the 184-unit Caviata at Kiley Ranch apartment community here for $51.7 million from Oakmont Properties.
The deal for the 23-building complex calculates out to $280,978 per unit, according to Marcus & Millichap, which announced the transaction. The property, which was constructed in 2006, was sold free and clear of existing debt to MG Properties.
Kenneth N. Blomsterberg, senior vice president investments in Marcus & Millichap’s Reno, NV office, along with Ryan Rife, vice president investments, and Daniel Winrod, associate with Marcus & Millichap, represented the seller, Oakmont Properties of Sacramento, CA and procured the buyer.
“Caviata at Kiley Ranch, which has an approved condominium map, is a first-class multifamily ‘for rent’ community with a value-add component in a prime Spanish Springs, Sparks location,” says Blomsterberg. “The property is poised for future growth following the recent expansion of major companies in the region such as Tesla, Apple, Google, Switch Digital, Blockchain, Amazon, Petco and Boeing.”
Marcus & Millichap’s Rife adds, “In addition to the current loss-to-lease recapture potential, one of the most compelling attributes of the Caviata at Kiley Ranch offering was the opportunity to create value with cosmetic enhancements to the unit interiors.”
The property, which is located on almost 14 acres, features two- and three-bedroom townhouse floor plans that average 1,600 square feet. Community amenities include a swimming pool, spa, fitness center, direct access garages, and miles of jogging and biking paths.