PASO ROBLES, Calif.—October 26, 2016—The Buena Vista Apartments, a 144-unit multifamily complex located at 708-1002 Experimental Station Road in Paso Robles, was sold for $5,805,000.
Marty Indvik of Lee & Associates San Luis Obispo and Jim Fisher and Michael Smith of Berkadia, represented the seller, Arjun Buena Vista Properties LLC. The buyer, MBK Rental Living, LLC, represented themselves.
The 202,299-square-foot multifamily property is situated on approximately 12.5 acres with 144 units. It is located adjacent to Highway 46, just east of downtown, in an area of newer single family homes.
With a multi-family vacancy rate of under 2%, the entitled project is the largest in North County and is expected to provide a nice boost to the existing housing stock as no new multi-family development has taken place in the market for over 10 years.
“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,” said Lee & Associates Principal Indvik, who noted that Lee & Associates has previously worked with MBK on other projects. “MBK is known for building quality product and this project lends itself to their strength as developers.”
The Buena Vista Apartments is the newest in the area and the buyer’s upgrades will make this apartment complex the most contemporary in the area.