Harbor Group International Acquires Phoenix Multifamily Property For $80.75M
SOLD
$80,750,000
Arizona
See Similar DealsMultiFamily256,000 SF
Sold 09/14/2022
SOLD
Harbor Group International Acquires Phoenix Multifamily Property For $80.75M
909 West Colter Street
See Similar DealsMultiFamily256,000 SF
Sold 09/14/2022
Summary
ARIZONA
Asset Type:MultiFamily
Price Per Square Foot:$315
Total Square Footage:256,000 SF
Transaction Type:Sale
The property involved in this transaction is a multifamily asset located at 909 W. Colter St., Phoenix, AZ. The sale price was $80,750,000, featuring 384 units and a total square footage of 256,000. The price per unit was calculated at $210,286, while the price per square foot stood at $315.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $80,750,000
- Units: 384
- Square Footage: 256,000
- Price Per Unit: $210,286
- Price Per Square Foot: $315
- Buyer: Harbor Group International - Jordan Slone
- Broker: Steven Vegh - Westwood Realty Associates
This transaction was facilitated by Steven Vegh, representing Westwood Realty Associates, acting on behalf of the buyer, Harbor Group International, led by Jordan Slone. The representation highlights the collaboration between the brokerage and the investment firm in this multifamily acquisition.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,306,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$286,887.69
Cash-on-Cash Return-1.27%
Monthly Debt Service$382,796.20
Annual Debt Service$4,593,554.36
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