Parkway Manor is on the market for $25.8 million and is expected to remain as an apartment complex after the sale.
The 176-unit complex at 603 E. College Parkway is being marketed as a complex and tenants "will not be negatively affected," said Dylan Mattole of Marcus & Millichap, a broker for the sale.
The owners, Las Vegas-based Langson Development, had said in 2006 that it might convert the apartments to condominiums, but that never happened.
The new owner will probably not do something like this, Mattole said. The tenants are a guaranteed income, he said, and "the last thing they want to do is have anyone move out."
He acknowledged, however, that he cannot dictate how the new owner uses the property.