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1310 West Southern Avenue

Updated Dec 4, 2024

Everlake Life Insurance Co Provides $41M Acquisition Loan For Millburn & Co
FINANCEDMultiFamily

Everlake Life Insurance Co Provides $41M Acquisition Loan For Millburn & Co

1310 West Southern Avenue

$41,000,000

Units

220

Asset Type

MultiFamily

Closing

Jun 21, 2024

About this deal

AI

The 220-unit Landing at Fiesta Village apartment complex in Mesa, AZ, was purchased by Millburn & Co. with $41 million in financing provided by Everlake Life Insurance Co. The property, built in 2022, offers one- to three-bedroom units with rents starting at $1,599. Amenities include a pool, spa, and pet park.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $41,000,000
  • Units: 220
  • Address: 1310 West Southern Avenue
  • Market: Mesa, AZ

Everlake Life Insurance Co. played a crucial role in financing the acquisition deal, while Millburn & Co. successfully secured the property. The apartment complex's features and amenities further enhance its appeal in the Mesa market, making it a valuable asset for both parties involved in the transaction.

On the Map

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$41,000,000

MultiFamily

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Players

Everlake Life Insurance
Everlake Life Insurance Lender

Mesa MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Loan transactions

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Deal FAQ

About $186.4K per unit across 220 units on a published $41M (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.39%

Cash-on-Cash

-0.11%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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