Updated Feb 23, 2026
Pro Residential Services Acquires 162-Unit Multifamily Property In Mojave For $8.9M
16197 H Street
$8,900,000
Units
162
Asset Type
MultiFamily
Closing
Feb 19, 2026
About this deal
AI
The property involved in this transaction is Park Palace Apartments, a 162-unit affordable housing property located at 16193 and 16197 H Street in Mojave. The sale price for this multifamily asset was $8,900,000, equating to a price per unit of $54,938. The apartments were built in 2007 and 2011 and are part of a Low-Income Housing Tax Credit community, which maintains approximately 55 years of affordability restrictions under a regulatory agreement.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $8,900,000
- Units: 162
- Price Per Unit: $54,938
- Buyer: Pro Residential Services
- Seller: Park Plaza One Apts LP
- Broker: Cray Carlson - CBRE
- Date of Transaction: 02/19/2026
- Address: 16193 & 16197 H Street, Mojave
Cray Carlson of CBRE represented both Pro Residential Services and Park Plaza One Apts LP in this transaction. The property continues to uphold its commitment to affordable housing within the local market, ensuring its accessibility for residents in the coming decades.
On the Map
$8,900,000
MultiFamily
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Mojave MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Deal FAQ
About $54.9K per unit across 162 units on a published $8.9M (2026).
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.78%
Cash-on-Cash
-0.51%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93