CARSON CITY, Nev., Aug. 28, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Tanglewood Village Apartments, a 130-unit apartment complex in Carson City, Nevada.
“Tanglewood Village Apartments was developed to condominium specifications,” says Kenneth N. Blomsterberg, senior vice president investments in Marcus & Millichap’s Reno office. “Built in 1978, the property is a stabilized asset that will provide new ownership with a steady income stream, a variety of options for revenue enhancement and the possibility of capitalizing on in-place condominium mapping as an exit strategy.”
“While there hasn’t been a programmatic upgrade effort at Tanglewood yet, three of the apartments have received modest upgrades,” adds Ryan Rife, senior associate. “The improved units are generating rent premiums and several comparable communities have demonstrated the ability to enhance revenue through similar renovation strategies.”
Blomsterberg, Rife and Benjamin L. Nelson, associate, represented the seller and procured the buyer. Both are limited liability companies.
The property is located at 919 South Roop St. in Carson City near Interstate 580 and U.S. Route 50. The North Carson Crossings and Southgate retail centers are close by.
Tanglewood Village is composed of 23 one- and two-story residential wood-frame buildings. The 132,880 square feet of living space is situated on more than 10 acres of well-manicured grounds accentuated by foliage and mature trees. Amenities include a swimming pool and sundeck, tennis courts, a fitness center and a professional on-site staff.