Rincon Partners Acquires Phoenix Multifamily From Greenwater Investments For $58.2M
SOLD
$58,240,000
+ 1
Arizona
See Similar DealsMultiFamily
Sold 08/22/2022
SOLD
Rincon Partners Acquires Phoenix Multifamily From Greenwater Investments For $58.2M
4040 West Peoria Avenue, Phoenix, Arizona 85029, United States
See Similar DealsMultiFamily
Sold 08/22/2022
+ 1
Summary
ARIZONA
Asset Type:MultiFamily
Transaction Type:Sale
Located at 4040 W Peoria Ave in Phoenix, AZ, this multifamily property was recently sold in a closed transaction. The property consists of 224 units and was acquired by Rincon Partners from Greenwater Investments. The sale was facilitated by Cliff David, Steve Gebing, Hamid Panahi, and Clint Wadlund of Institutional Property Advisors. The transaction took place on 08/22/2022, with a sale price of $58,240,000. The per unit price of the property was $260,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $58,240,000
- Units: 224
- Price Per Unit: $260,000
The deal's key individuals and companies involved in the transaction were Cliff David, Steve Gebing, Hamid Panahi, and Clint Wadlund of Institutional Property Advisors. They represented Rincon Partners as the buyer and Greenwater Investments as the seller.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,106,133.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$206,914.43
Cash-on-Cash Return-1.27%
Monthly Debt Service$276,087.31
Annual Debt Service$3,313,047.75
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