40-unit multifamily community acquired as part of a 1031 exchange
Reno, NV – July 24, 2026 – Colliers announced the successful sale of Villagio Apartments, a 40-unit multifamily community located at 1850-1852 Merchant St. in Sparks, Nevada, for $6 million.
The buyer, a Los Angeles-based investor, acquired the property as part of a 1031 tax-deferred exchange. The seller, based in Beverly Hills, California, had owned the asset for more than 10 years. Senior Vice President Ben Nelson at Colliers represented the seller during the transaction.
Built in 1979, Villagio Apartments is a two-story, garden-style apartment community comprising approximately 32,720 square feet on 1.5 acres. The property consists of two residential buildings and offers a mix of one- and two-bedroom apartments with an average unit size of approximately 855 square feet. Community amenities include landscaped courtyards and greenbelt areas, private patios or balconies for every unit, two on-site laundry facilities, picnic areas and abundant on-site parking. The property is within walking distance of Paradise Plaza, Grocery Outlet, Walgreens, restaurants, parks and schools, and offers convenient access to public transportation via the RTC bus line.
“This was a great acquisition for the buyer, who already owns multifamily properties on both sides of the street,” Nelson said. “The property attracted strong investor interest, generating six offers during the initial call-for-offers process. The selected buyer came in very close to the asking price and remained committed to the agreed-upon terms throughout escrow.”
Villagio Apartments offered significant upside through continued renovations and rental growth. Previous ownership had upgraded 27 units and completed mechanical and HVAC improvements in select residences, while rents remained below market at the time of sale.
“Given current market conditions, with multifamily cap rates averaging 5.41% for sold properties and 5.72% for properties currently on the market, Villagio represented a compelling investment opportunity,” Nelson said. “Although the transaction required a six-month escrow period, both the buyer and seller were extremely satisfied with the outcome.”
Media Contact
Ashley Jeanes
PR & Communications Specialist | West Region
ashley.jeanes@colliers.com
(214) 706 6053
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