MBK Rental Living Sells California Community
CBRE represented MBK in its disposition of the 142-unit property in Paso Robles.
MBK Rental Living has sold Blue Oak, a 142-unit, Class A multifamily property in Paso Robles, Calif., completed in 2019, to a private buyer from Los Angeles. Neither the price nor the name of the buyer was disclosed. A CBRE team of Stewart Weston, Dean Zander, Jefrey Henderson and Jon Teel represented MBK Rental Living in the sale.
Located at 710 Experimental Station Road, MBK Rental Living announced opening the of Blue Oak’s first phase in August 2018, when leasing was underway at the 12.2-acre luxury property consisting of apartments and townhouses.
Ken McCarren, president of MBK Rental Living, described Paso Robles as a growing Central Coast city with a rich history located near vineyards, olive orchards, farms and ranches. Residents have easy access to both San Francisco and Los Angeles. The property is close to downtown Paso Robles and 35 miles from San Luis Obispo County Regional Airport. Regional universities including University of Santa Barbara and California Polytechnic State University are nearby. Hunter Ranch Golf Course and Sensoria, a 15-acre, walk-through art exhibit, are also close to Blue Oak.
The property was 97.9 percent occupied at the time of the sale. Blue Oak has one-, two- and three-bedroom units, including several three-bedroom townhouses, with sizes ranging from 765 to 1,452 square feet. There is also one four-bedroom, detached single-family residence with 3,007 square feet.
The property has some of the largest homes in the market with high ceilings, well-appointed finishes, in-unit washers and dryers, private patios or balconies and direct access to garages in select units. The four-bedroom townhouse has a direct-access two-car garage.
Community amenities include an open floor-plan clubhouse; outdoor spaces with seating and lawn areas with barbeques and a fire pit; resort-style pool and spa; fitness center; resident garden; playgrounds and basketball court. The property has 295 parking spaces.
More MBK Moves
In June 2021, MBK Rental Living and R.D. Olson Construction broke ground on Esperanza at Duarte Station, a 344-unit luxury multifamily property in Duarte, Calif. MBK’s joint venture partner on the project was Haseko Corp. The property is slated to open in 2023.
MBK delivered Azure, a 318-unit, Class A multifamily property in Santa Maria, Calif., in November 2020. It was the firm’s first luxury lifestyle community in Santa Barbara County in California.