MG Properties Group headquartered in Sorrento Valley has acquired an apartment complex in Sparks, Nev.
Neither the amount of the sale nor the name of the seller was disclosed by MG Properties.
Built in 2007, Caviata at Kiley Ranch Apartments, 950 Henry Orr Parkway, has 184 townhouse apartments that average 1,600 square feet.
The complex has a pool, spa, barbecue lounge area with fire pits, picnic area with gas barbecues and a fitness center.
Each apartment has full-size washers and dryers, fireplaces and patios or balconies.
The seller was represented by The Blomsterberg Group of Marcus & Millichap and the Jones-Saglimbeni Group of Institutional Property Advisors.
Financing was arranged by Brian Eisendrath and Cameron Chalfant of CBRE.
“Reno’s friendly business and tax environment continues to drive migration of companies with high paying jobs to the area, supporting apartment fundamentals,” said Mark Gleiberman, MG Properties Group CEO.
Real estate reporter Ray Huard may be reached at email@example.com or 858-277-8904