October 5, 2016
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.
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