Tower 16 Capital Partners Acquires Phoenix Multifamily For $42M
SOLD
$42,000,000
Arizona
See Similar DealsMultiFamily176,598 SF
Sold 09/01/2021
SOLD
Tower 16 Capital Partners Acquires Phoenix Multifamily For $42M
6565 West Bethany Home Road, Phoenix, AZ, USA
See Similar DealsMultiFamily176,598 SF
Sold 09/01/2021
Summary
ARIZONA
Asset Type:MultiFamily
Price Per Square Foot:$237
Total Square Footage:176,598 SF
Transaction Type:Sale
Located at 6565 W. Bethany Home Road in Phoenix, this multifamily property was recently sold in a closed transaction. The property consists of 276 units, with an average price per unit of $152,173. The total square footage of the property is 176,598, with an average price per square foot of $237.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $42,000,000
- Market: Phoenix
Tower 16 Capital Partners purchased the property, with the transaction facilitated by broker Alon Shnitzer. The deal was finalized on September 1, 2021.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,239,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$149,217.14
Cash-on-Cash Return-1.27%
Monthly Debt Service$199,101.43
Annual Debt Service$2,389,217.13
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