{"id":616,"date":"2016-10-26T09:00:37","date_gmt":"2016-10-26T16:00:37","guid":{"rendered":"https:\/\/www.lee-associates.com\/centralcoast\/?p=616"},"modified":"2016-10-26T09:00:37","modified_gmt":"2016-10-26T16:00:37","slug":"multi-family-project-sells-for-5-8-million","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/centralca\/2016\/10\/26\/multi-family-project-sells-for-5-8-million\/","title":{"rendered":"Multi-Family Project Sells for $5.8 Million"},"content":{"rendered":"

PASO ROBLES, Calif.\u2014October 26, 2016\u2014The Buena Vista Apartments, a 144-unit multifamily complex located at 708-1002 Experimental Station Road in Paso Robles<\/strong><\/a>, was sold for $5,805,000.<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Marty Indvik<\/strong> 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.<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0The 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.<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 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.<\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u201cMBK 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,\u201d said Lee & Associates Principal Indvik, who noted that Lee & Associates has previously worked with MBK on other projects. \u201cMBK is known for building quality product and this project lends itself to their strength as developers.\u201d<\/p>\n

The Buena Vista Apartments is the newest in the area and the buyer\u2019s upgrades will make this apartment complex the most contemporary in the area.<\/p>\n","protected":false},"excerpt":{"rendered":"

PASO ROBLES, Calif.\u2014October 26, 2016\u2014The Buena Vista Apartments, a 144-unit multifamily complex located at 708-1002 Experimental Station Road in Paso Robles, was sold for $5,805,000. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 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. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 \u00a0The 202,299-square-foot multifamily property is situated on approximately 12.5 acres with 144 units. It is…<\/p>\n","protected":false},"author":217,"featured_media":617,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"class_list":["post-616","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-transactions"],"yoast_head":"\nMulti-Family Project Sells for $5.8 Million - Lee & Associates | Central California<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/centralca\/2016\/10\/26\/multi-family-project-sells-for-5-8-million\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Multi-Family Project Sells for $5.8 Million\" \/>\n<meta property=\"og:description\" content=\"PASO ROBLES, Calif.\u2014October 26, 2016\u2014The Buena Vista Apartments, a 144-unit multifamily complex located at 708-1002 Experimental Station Road in Paso Robles, was sold for $5,805,000. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Marty Indvik of Lee & Associates San Luis Obispo and Jim Fisher and Michael Smith of Berkadia, represented the seller, Arjun Buena Vista Properties LLC. 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