Updated Jan 24, 2025
The Blackstone Group Acquires Multifamily Property In Downtown Phoenix For $268M
340 North 3rd Street, Central City, Phoenix, AZ, USA
$268,000,000
$2,172/SF
Building Size
123,348 SF
Asset Type
MultiFamily
Closing
Jan 12, 2020
About this deal
AI
The Blackstone Group has acquired a multifamily property in Downtown Phoenix for a price of $268,000,000. The property, located at 340 N 3rd Street, is a significant acquisition for The Blackstone Group in the Phoenix market.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $268,000,000
- Date: 01/13/2020
- Seller: Marriott International
This transaction involved key individuals such as Kathleen McCarthy, Jonathan Gray, Ken Caplan, and Arne Sorenson. The Blackstone Group, a well-known investment firm, made this substantial acquisition, expanding its presence in the Downtown Phoenix market.
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
0.06%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93