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SPARKS, NEV. — Standard Management Co. has acquired the 296-unit Eastland Hills in Sparks for $27.5 million. The community is located at 1855 Baring Blvd.
Eastland Hills was built in 1998. Community amenities include a fitness center, heated pool and year-round spa, tennis court and barbecue areas.
Stanford Jones, Philip Saglimbeni, Salvatore Saglimbeni and Kenneth N. Blomsterberg represented both the buyer and seller, A.G. Spanos Cos., in this transaction.
The community is situated near the Sierra Nevada Mountains and Truckee Meadows. It is about four miles from Reno, where Tesla Motors recently announced it will open a new $5-billion battery factory. The facility will house 6,500 employees.