Updated Dec 4, 2024
Bahram Akradi's Life Time Group Acquires Arden Hills Athletic & Social Club For $12.5M
1220 Arden Hills Country Club Lane
$12,500,000
Building Size
—
Asset Type
Hotel
Closing
Jan 3, 2024
About this deal
AI
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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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.27%
Cash-on-Cash
-0.36%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93