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STG Capital Partners Acquires Development Site In Paso Robles For $16.9M

Property Image
SOLD
$16,957,000
Sal Provenza
Curt Crandall
Les Whittlesey

California

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Development Site
Sold 09/28/2023
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Property Image
SOLD

STG Capital Partners Acquires Development Site In Paso Robles For $16.9M

3138 Linne Road

See Similar Deals
Development Site
Sold 09/28/2023
Sal Provenza
Curt Crandall
Les Whittlesey
the dealplayerscompscontact
Contact now

Summary

CALIFORNIA
Asset Type:Development Site
Transaction Type:Sale

STG Capital Partners has acquired a 17-acre development site located at 3138 Linne Road in Paso Robles. The property, part of the Vinedo master planned community, was purchased for a total of $16,957,000. The buyer plans to develop 214 build-for-rent homes along with a clubhouse and pool.

Summary of transaction details

  • Property Type: Development Site
  • Transaction Amount: $16,957,000
  • Address: 3138 Linne Road
  • Market: Paso Robles

The seller, Danny Brose, was represented by Sal Provenza, Curt Crandall, and Les Whittlesey from WD Land. Their expertise and negotiation skills facilitated the successful closing of the deal. This transaction marks another significant step in the development of the Vinedo community, adding valuable residential options to the market in Paso Robles.

Players

Sal Provenza
WD Land
Sal Provenza
5 deals$123.1M volume(949) 294-6376
BROKER
Curt Crandall
Curt Crandall
5 deals$123.1M volume
BROKER
Les Whittlesey
WD Land
Les Whittlesey
1 deal$17M volume(949) 285-1155
BROKER

Details

SOLD
IMAGE: Sal Provenza, Curt Crandall & Les Whittlesey DATE: 09/28/2023 ADDRESS: 3138 Linne Road MARKET: Paso Robles ASSET TYPE: Development Site BUYER: STG Capital Partners SELLER: Danny Brose SELLER'S REP: Sal Provenza, Curt Crandall & Les Whittlesey - WD Land (@WDLandInc) SALE PRICE: $16,957,000 NOTE FROM SELLER'S REP: STG Capital Partners purchased 17 acres of land within the Vinedo master planned community to develop 214 build-for-rent homes with a clubhouse and pool.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$904,373.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$60,244.65
Cash-on-Cash Return-1.27%
Monthly Debt Service$80,384.83
Annual Debt Service$964,617.97