Updated Dec 4, 2024
Richmond American Homes Acquires Former Golf Course From Towne Development In Glendale, AZ
5450 West Northern Avenue
$28,640,000
Building Size
—
Asset Type
Commercial
Closing
Apr 19, 2024
About this deal
AI
The former golf course located at 5450 West Northern Avenue in Glendale, AZ, spanning 36 acres, was sold for $28,640,000. The transaction involved Richmond American Homes as the buyer and Towne Development as the seller.
Summary of transaction details:
- Property Type: Commercial
- Transaction Amount: $28,640,000
- Market: Glendale, AZ
- Property Size: 36 acres
- Buyer: Richmond American Homes
- Seller: Towne Development
- Brokers: Courtney Buck, Dan Baldwin, Ryan Duncan, Ryan Duncan & Nate Nathan - Nathan & Associates
Richmond American Homes of Arizona acquired the property, which included 173 finished home lots, as part of the deal.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.55%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93