Green Leaf at the Marina

October 5, 2016 Comments Off on MG Properties Pays $25M for Sparks, NV Apartments Views: 213 California, National News, Nevada, West

MG Properties Pays $25M for Sparks, NV Apartments

MG Properties Group, headquartered in San Diego, acquired the 240-unit Green Leaf at the Marina Apartments in Sparks, NV. Seller Green Leaf Marina LLC of Danville, CA, walked away from the transaction with $25.3 million. Kenneth Blomsterberg, Ryan Rife and Ben Nelson of Marcus & Millichap represented the seller.

The property at 800 Nichols Blvd. delivered in 1980. The new owner plans a $5 million renovation to upgrade exteriors, common areas and interior finishes. MGPG is also rebranding the asset as Reflections at the Marina.

“This property represents a great fit for our Reno/Sparks portfolio, and allows us to reposition an asset in an improving, dynamic market with forecast employment growth exceeding 6,500 jobs in the industrial park alone,” said MGPG’s Christian Garner.

Read More at PR Newswire

Connect with MGPG’s Garner

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