Atascadero apartment community sells for $10.42 million
The property was 100-percent occupied at the time of sale
–Kenny Stevens of Concord Real Estate Services has brokered the off-market sale of Mira Vista Apartments, a 64-unit multifamily community in Atascadero, in a transaction valued at $10.425 million. The property located at 11145-11125 El Camino Real was acquired by Sunday Rules, LLC, a Los Angeles-based private investor with holdings in the greater Los Angeles area and Santa Barbara.
Built in 1985 and renovated in 2006, the property features 64 two-bedroom apartments in eight two-story buildings on a low density four-acre site. Common area amenities include swimming pool and spa, on site laundry facility and detached single car garage for each unit. The property was 100-percent occupied at the time of sale.
“The buyer was interested in a solid cash flowing investment in the Central Coast, where he has a home,” said Stevens who represented both parties in the transaction. “The seller, a long-time client, was looking to raise capital for another investment, but was only interested in selling Mira Vista for the right price, and didn’t want to openly market the property. This was the perfect fit for both parties,” he said.
The buyer acquired the property in cash and assumed an existing Fannie Mae loan according to Stevens.
The buyer has engaged San Luis Obispo-based property management firm California West, who has been managing the property for the past five years years.
