Intercontinental Real Estate Corp. Acquires Multifamily Property In Tempe, AZ For $126M
900 West Grove Parkway, Tempe, Arizona 85283, United States
$126,000,000
$469/SF
Building Size
268,210 SF
Asset Type
MultiFamily
Closing
Dec 22, 2021
AI
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
Tempe 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
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93