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
Victorville MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
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