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Richmond American Homes Acquires Former Golf Course From Towne Development In Glendale, AZ
SOLD
$28,640,000
+ 1
Arizona
See Similar DealsCommercial
Sold 04/19/2024
SOLD
Richmond American Homes Acquires Former Golf Course From Towne Development In Glendale, AZ
5450 West Northern Avenue
See Similar DealsCommercial
Sold 04/19/2024
+ 1
Summary
ARIZONA
Asset Type:Commercial
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,527,466.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$101,751.87
Cash-on-Cash Return-1.27%
Monthly Debt Service$135,768.21
Annual Debt Service$1,629,218.54
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