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June 17, 2018
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LA Investor Buys 64-Unit Asset in Atascadero


A Los Angeles-based private investor paid $10.425 mil for Mira Vista Apartments, a 64-unit ($163k/unit) multifamily community in Atascadero, a CA town about 110 miles north of Santa Barbara. The property is located at 11145-11125 El Camino Real, on the east side of Hwy 101.

Built in 1985 and renovated in 2006, Mira Vista Apartments 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 property was acquired by Sunday Rules LLC, who has holdings in the greater Los Angeles area and Santa Barbara. The buyer assumed an existing Fannie Mae loan. Kenny Stevens of Concord Real Estate Services brokered the off-market 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.

Sunday Rules has engaged San Luis Obispo-based property management firm California West, who has been managing the property for the past five years.

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