The 142-unit Buena Vista Apartments in Paso Robles sold for more than $5.8 million.
The 202,299-square-foot multifamily property at 708-1002 Experimental Station Road is on 12.5 acres adjacent to Highway 46 just east of downtown. MBK Rental Living LLC purchased the property from Arjun Buena Vista Properties LLC, which was represented by Lee & Associate’s Marty Indvik and Jim Fisher and Michael Smith of Berkadia.
With a multifamily vacancy rate of less than 2 percent, the entitled project is the largest in North County and is expected to boost the existing housing stock as no new multi-family development has taken place in the market for over 10 years, Lee & Associates said.
“MBK was looking at ways they could gain a presence in the Central California market place. This purchase offered the perfect opportunity to expand its brand,” Indvik said in a news release.
MBK is planning various upgrades for the property, Lee & Associates said.
The regional multifamily market continues to see gains on all metrics year over year as individual and institutional investors compete in the area, according to Radius Group’s third quarter report. All sectors are benefiting as the rise in prices has pushed some investors into secondary and tertiary markets, Radius said.
Even with looming interest rate hikes, there is “little indication that 2017 will be different and expect a robust market for buyers and sellers,” the report reads.
• Contact Alex Kacik at [email protected]