Parkway Manor Apartments in Carson City sell for $18.6M

A San Francisco-based investment group last week closed on its purchase of the 176-unit Parkway Manor Apartments in Carson City, paying $18.65 million.

Ken Blomsterberg, first vice president of investments for Marcus & Millichap’s Roseville office, represented the seller of the complex built in 2000 at 603 E. College Parkway in Carson City. Aiman Noursoultanova with CBRE represented the buyer.

The price was $105,956 per unit — an aggressive price for Carson City, Blomsterberg says, but well below the high-water mark of a competing property in Carson City. Dolphin Bay apartments sold for $160,000 per unit just before real estate prices began their decline.

The Parkway Manor Apartments, a Class A property, drew five offers, Blomsterberg says. Marketing of the property was abbreviated as it was sold just a few months prior to foreclosure auction.

The buyers concluded the transaction quickly in an all-cash deal, he adds. The deal was done at a 7.63 percent capitalization rate.