Updated Oct 28, 2024
Investcorp Acquires Multifamily Assets In Phoenix, AZ For $169.5M
15202 N 40th St, Phoenix, AZ, USA
$169,500,000
$272/SF
Building Size
623,009 SF
Asset Type
MultiFamily
Closing
Apr 28, 2021
About this deal
AI
The multifamily property located at 15202 N. 40th St. & 17425 N. 19th Ave. in Phoenix, AZ was recently sold for a price of $169,500,000. The property consists of 816 units, with a per unit price of $207,720. The total square footage of the property is 623,009, resulting in a price per square foot of $272.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $169,500,000
- Units: 816
- Price per Unit: $207,720
- Total Square Footage: 623,009
- Price per Square Foot: $272
The sale was made by Tides Equities, represented by Sean Kia and Ryan Andrade, to Investcorp. Notably, Investcorp has retained Tides Equities as the sponsor and managing member of the assets, allowing them to retain an ownership percentage in both properties.
On the Map
$169,500,000
$272/SF
MultiFamily
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Players
Phoenix 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
0.09%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93