Parkway Terraces in Carson City sold for $40.75 million

Commercial real estate firm CBRE recently announced the sales of a pair of multifamily complexes in Northern Nevada, with both transactions totaling nearly $100 million.

According to an Oct. 1 news release from CBRE, Aiman Noursoultanova, a senior vice president with the firm’s Reno office, brokered the sale of Parkway Terraces, a 176-unit multifamily property in Carson City.

The sale reportedly came in at $40.75 million.

Andrew Behrens of CBRE Debt and Structured Finance arranged financing on behalf of the buyer, Peak Capital Partners. The buyer was selected through a competitive bid process that resulted in multiple offers, according to CBRE.

Located at 603 E. College Parkway in Carson City, Parkway Terraces is a Class A multifamily community featuring a mix of one-, two-, and three-bedroom luxury apartment homes on 7.24 acres.

Originally completed in 2001, nearly half the units were recently upgraded. Units feature nine-foot ceilings, covered balconies, fireplaces, full-sized washers and dryers and pantries.

“Parkway Terraces is a Class A asset offering some of the best amenities in the market,” Noursoultanova said in a statement. “Recent interior upgrades at the property provide an investor with the opportunity to not only capitalize on, but to continue with ongoing improvements, solidifying Parkway Terraces as a premier multifamily community in the region.”

The transaction comes on the heels of CBRE announcing Sept. 25 it brokered the sale of Waterstone at Kiley Ranch, a 203-unit luxury multifamily community in Sparks.

The reported sale price there is $55.9 million.