The apartment market continued to be busy in July, with the largest sale at $9,835,000 for the 230 unit Courtside Gardens complex in Sparks. The complex was purchased by Tritex Real Estate Advisors, a private investment company that targets foreclosed properties. The purchase came out to $42,760 per door. This property has a lot of deferred maintenance. Second to that sale was the sale of 24 units located at 123 Wonder Street for $1,400,000 or $58,333 per door to a local investor. There were a total of 6 multi-family sales in July.
The office market was slow in July with a total of six sales. Most of the sales involved multiple parcels. The largest office sale was the sale of a number of office condos and foundations on Selmi Drive. This sale happened in two transactions on the same day for a total of $1,150,000. The property was purchased by a group from Bakersfield, CA.