Tower 16 Capital Partners Acquires Multifamily Asset In Phoenix For $36.5M
SOLD
$36,500,000
Arizona
See Similar DealsMultiFamily195,914 SF
Sold 08/10/2021
SOLD
Tower 16 Capital Partners Acquires Multifamily Asset In Phoenix For $36.5M
12435 N 28th Dr, Phoenix, AZ, USA
See Similar DealsMultiFamily195,914 SF
Sold 08/10/2021
Summary
ARIZONA
Asset Type:MultiFamily
Price Per Square Foot:$186
Total Square Footage:195,914 SF
Transaction Type:Sale
The multifamily property located at 12435 N. 28th Dr. in Phoenix was recently sold for a total of $36,500,000. The transaction took place on 08/10/2021 and involved 232 units, with a price per unit (PPU) of $157,327. The property spans a total area of 195,914 square feet, resulting in a price per square foot (PPSF) of $186.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $36,500,000
- Units: 232
- Price per Unit (PPU): $157,327
- Square Feet: 195,914
- Price per Square Foot (PPSF): $186
- Market: Phoenix
The buyer in this transaction was Tower 16 Capital Partners, who was represented by the brokers Dan Cheyne and Ric Holloway.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,946,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$129,676.80
Cash-on-Cash Return-1.27%
Monthly Debt Service$173,028.62
Annual Debt Service$2,076,343.46
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