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1249 East Spence Avenue

Updated Dec 10, 2024

Pinnacle Holdings Of Florida Sells Rancho Las Palmas Apartments In Tempe For $18 Million
SOLDMultiFamily

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:

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

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$18,000,000

MultiFamily

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Players

Keith O'Donnell

Avison Young

Broker

$165.8M

vol

11 deals

Broker

Tempe MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $160.7K per unit across 112 units on a published $18M (2024).

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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

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