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Bahram Akradi's Life Time Group Acquires Arden Hills Athletic & Social Club For $12.5M
SOLD
$12,500,000
California
See Similar DealsHotel
Sold 01/03/2024
SOLD
Bahram Akradi's Life Time Group Acquires Arden Hills Athletic & Social Club For $12.5M
1220 Arden Hills Country Club Lane
See Similar DealsHotel
Sold 01/03/2024
Summary
CALIFORNIA
Asset Type:Hotel
Transaction Type:Sale
Bahram Akradi, the CEO of Life Time Group Holdings Inc., has acquired the closed Arden Hills Athletic & Social Club in Arden-Arcade, California, for $12.5 million. The 8.87-acre property located at 1220 Arden Hills Country Club Lane will be transformed into a new Life Time fitness club. The specific reopening details of the fitness club are yet to be disclosed.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $12,500,000
- Address: 1220 Arden Hills Country Club Lane
- Market: Sacramento
- Acres: 8.87
The seller of the property is Brett Favero. Life Time Group Holdings Inc., under the leadership of Bahram Akradi, will be responsible for the redevelopment of the Arden Hills Athletic & Social Club into a new fitness club. The acquisition of this property marks Life Time's expansion into the Arden-Arcade area, offering residents a new fitness and social facility.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$666,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$44,409.85
Cash-on-Cash Return-1.27%
Monthly Debt Service$59,256.38
Annual Debt Service$711,076.53
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