Intercontinental Real Estate Corp. Acquires Multifamily Property In Tempe, AZ For $126M
SOLD
$126,000,000
Arizona
See Similar DealsMultiFamily268,210 SF
Sold 12/22/2021
SOLD
Intercontinental Real Estate Corp. Acquires Multifamily Property In Tempe, AZ For $126M
900 West Grove Parkway, Tempe, Arizona 85283, United States
See Similar DealsMultiFamily268,210 SF
Sold 12/22/2021
Summary
ARIZONA
Asset Type:MultiFamily
Price Per Square Foot:$469
Total Square Footage:268,210 SF
Transaction Type:Sale
The multifamily property located at 900 West Grove Parkway in Tempe, AZ has been sold in a closed transaction. The property consists of 376 units and was sold for a price of $126,000,000, resulting in a per unit price of $335,106. The sale was facilitated by CBRE as the broker.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $126,000,000
- Units: 376
- Price per Unit: $335,106
Intercontinental Real Estate Corp., represented by Peter Palandjian, purchased the property from MG Properties. Peter Palandjian acted as the buyer's representative in the deal. The transaction took place on December 22, 2021.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,720,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$447,651.39
Cash-on-Cash Return-1.27%
Monthly Debt Service$597,304.28
Annual Debt Service$7,167,651.39
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