The apartment market continued to be busy in July, with the largest sale at $9,835,000 for the 230 unit Courtside Gardens complex in Sparks. The complex was purchased by Tritex Real Estate Advisors, a private investment company that targets foreclosed properties. The purchase came out to $42,760 per door. This property has a lot of deferred maintenance. Second to that sale was the sale of 24 units located at 123 Wonder Street for $1,400,000 or $58,333 per door to a local investor. There were a total of 6 multi-family sales in July.
The office market was slow in July with a total of six sales. Most of the sales involved multiple parcels. The largest office sale was the sale of a number of office condos and foundations on Selmi Drive. This sale happened in two transactions on the same day for a total of $1,150,000. The property was purchased by a group from Bakersfield, CA.
The Industrial market was strong for the month of July with seven sales occurring, with the largest being $4,500,000. The $4,500,000 purchase was for an 86,800 square foot leased warehouse in Stead and two adjoining land parcels. The property was purchased by a group from Georgia. The second large Industrial sale was the sale of the Truckee Meadows Business Park, a small industrial condo development on Coney Island Drive. The sale was for $3,350,000 and was purchased by Michael Schnabel, Tilio Lagatta, and Jim Yarman, a capital partner from Alaska.
Retail was more active than it has been in sometime with the largest retail sale being the retail component of Palladio for $3,350,000. This sale included tenants such as Campo, Old Bridge Pub, Reef Sushi, and others. There were a total of 13 retail sales for July.
There were two sales in July for this segment of the market. The largest sale was the sale of the City Heart Motel at 380 Virginia. This building has a large retail component. This was considered a good sale because it occurred in downtown Reno, where we are finally starting to see some activity. Hopefully this is a sign that Downtown may improve.]]>
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