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14243 Rodeo Drive

HACSB Acquires 60-Unit Multifamily Community In Victorville For $8.5M
SOLDMultiFamily

HACSB Acquires 60-Unit Multifamily Community In Victorville For $8.5M

14243 Rodeo Drive

$8,500,000

Building Size

Asset Type

MultiFamily

Closing

Dec 4, 2023

AI

The Mogharebi Group brokered the sale of Northport, a 60-unit multifamily community located at 14243 Rodeo Drive in Victorville, California. The property spans 3.26 acres and was sold for a total price of $8,500,000, resulting in a per unit price of $141,667. This transaction took place on 12/04/2023 and involved the Housing Authority of the County of San Bernardino (HACSB) as the buyer.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $8,500,000
  • Address: 14243 Rodeo Drive
  • Market: Victorville
  • Asset Type: Multifamily
  • Acres: 3.26
  • Buyer: Housing Authority of the County of San Bernardino (HACSB) - Rishad Mitha
  • Broker: Otto Ozen - The Mogharebi Group
  • Units: 60
  • PPU: $141,667

This sale attracted significant attention in the market, with 18 offers submitted for the highly sought-after two-bedroom units at Northport. The Housing Authority of the County of San Bernardino aims to expand affordable housing options in the region through this acquisition.

Players

Otto Ozen

The Mogharebi Group

Broker

$670.7M

vol

24 deals

Broker

Victorville MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

1.87%

Cash-on-Cash

-0.53%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93