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Millburn & Company Acquires Parc Tolleson Multifamily For $62.75M

Property Image
SOLD
$62,750,000
Asher Gunter
Matt Pesch
+ 3

Arizona

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MultiFamily
Sold 05/10/2024
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Property Image
SOLD

Millburn & Company Acquires Parc Tolleson Multifamily For $62.75M

8727 West Mcdowell Road

See Similar Deals
MultiFamily
Sold 05/10/2024
Asher Gunter
Matt Pesch
+ 3
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Summary

ARIZONA
Asset Type:MultiFamily
Transaction Type:Sale

The $62.75 million sale of Parc Tolleson, a 258-unit Class A multifamily community in Tolleson, Arizona, was facilitated by CBRE. The property, located at 8727 West Mcdowell Road, was acquired by Millburn & Company from Evergreen Devco, Inc. The sale price equated to approximately $243,217 per unit.

Summary of transaction details:

Notably, CBRE's Asher Gunter, Matt Pesch, Sean Cunningham, and Austin Groen represented the seller, Evergreen Devco, Inc., in the transaction. On the buyer's side, Troy Tegeler and Trevor Breaux were responsible for arranging financing for Millburn & Company. This deal underscores the collaborative efforts of multiple brokers to bring about a successful outcome for both parties involved.

Players

Matt Pesch
15 deals$1.2B volume
BROKER

Sean Cunningham
CBRE
13 deals$1.3B volume
BROKER

Asher Gunter
CBRE
14 deals$1.2B volume
BROKER

Austin Groen
CBRE
13 deals$1.1B volume(602) 735-1706
BROKER

Trevor Breaux
CBRE
9 deals$547.1M volume(949) 293-7320
BROKER

Troy Tegeler
CBRE
7 deals$440.2M volume(714) 307-2234
BROKER

Details

SOLD
IMAGE: 05/10/2024 ADDRESS: 8727 West Mcdowell Road MARKET: Tolleson, AZ ASSET TYPE: Multifamily BUYER: Millburn & Company SELLER: Evergreen Devco, Inc BROKERS: Asher Gunter, Austin Groen, Matt Pesch, Sean Cunningham, Trevor Breaux & Troy Tegeler - CBRE SALE PRICE: $62,750,000 UNITS: 258 ~ PPU: $243,217 NOTE: CBRE facilitated the $62.75 million sale of Parc Tolleson, a 258-unit Class A multifamily community in Tolleson, Ariz., with CBRE's Asher Gunter, Matt Pesch, Sean Cunningham, and Austin Groen representing the seller, Evergreen Devco, Inc., and Troy Tegeler and Trevor Breaux arranging financing for the buyer, Millburn & Company.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$3,346,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$222,937.49
Cash-on-Cash Return-1.27%
Monthly Debt Service$297,467.01
Annual Debt Service$3,569,604.16