Updated Dec 10, 2024
Pinnacle Holdings Of Florida Sells Rancho Las Palmas Apartments In Tempe For $18 Million
1249 East Spence Avenue
$18,000,000
Units
112
Asset Type
MultiFamily
Closing
Dec 5, 2024
About this deal
AI
A multifamily property located at 1249 East Spence Avenue, Tempe, AZ, was sold for $18,000,000. The asset spans 5.27 acres and consists of 112 units, resulting in a price per unit of $160,714.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $18,000,000
- Address: 1249 East Spence Avenue
- Market: Tempe, AZ
- Acres: 5.27
- Units: 112
- Price Per Unit (PPU): $160,714
- Seller: Pinnacle Holdings of Florida, Inc
- Brokers: Alon Shnitzer, Rue Bax, Doug Lazovick, Eddie Chang & Tyler Bruggman - ABI Multifamily; Keith O'Donnell, Mark Seale & Peter Sherman - Avison Young
The transaction was co-brokered by ABI Multifamily and Avison Young, with a private Arizona investor acting as the buyer. Avison Young successfully managed the sale on behalf of Pinnacle Holdings, underscoring its role in the real estate market.
On the Map
$18,000,000
MultiFamily
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Players
Tempe MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93