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RENO, NV-The 224-unit Bristle Pointe Apartments development here has traded hands for $16.8 million, according to Marcus & Millichap Real Estate Investment Brokerage Company, which brokered both sides of the transaction. The sales price translates to $74,777 per unit and $79 per sf.

Bristle Pointe is a garden-style community located on 11 acres at 2050 Longley Lane. Constructed in 1990, the property has 213,256 rentable sf, mature landscaping and little deferred maintenance. The unit mix includes 48 one-bedroom, 136 two-bedroom and 40 three-bedroom units, ranging in size from 714- to 1,158 sf. Monthly rental rates range from $697 to $970. Occupancy is currently 94.5%.

The seller was s Salt Lake City-based investment partnership. The buyer, a Northern California-based investor completing a 1031 exchange, assumed an $11-million loan with Prudential that has an interest rate of 8.12%. Based on in-place rents, the capitalization rate on the investment is 8.8%, according to Marcus & Millichap.

Marcus & Millichap’s Ken Blomsterberg and Stanford Jones represented the seller. M&M brokers Gary Roller and Ryan DeMar represented the buyer. Blomsterberg and Jones have represented the sale of Bristle Pointe in three separate transactions dating back to 1994.

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