Updated Oct 28, 2024
KB Investment & Development Acquires 328-Unit Multifamily Property In Tempe, AZ For $108M Loan
601 West Rio Salado Parkway, Tempe, Arizona 85281, United States
$108,000,000
Units
328
Asset Type
MultiFamily
Closing
Jul 24, 2022
About this deal
AI
The multifamily property located at 601 W Rio Salado Pkwy in Tempe, AZ has been involved in a recent loan transaction. The property consists of 328 units and was acquired by KB Investment & Development Company.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $108,000,000
- Loan Type: Acquisition
- Loan Terms: Five-year, floating rate loan
The loan for this transaction was provided by Mesa West Capital. Rocco Mandala, representing CBRE, acted as the broker in this deal.
Players
Tempe MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93