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Liv Communities Acquires Multifamily Development Site In Mesa For $5M
SOLD
$5,000,000
Arizona
See Similar DealsMultiFamily
Sold 05/01/2024
SOLD
Liv Communities Acquires Multifamily Development Site In Mesa For $5M
9410 East Ray Road
See Similar DealsMultiFamily
Sold 05/01/2024
Summary
ARIZONA
Asset Type:MultiFamily
Transaction Type:Sale
The Premiere at Eastmark 3.0 is an 8.55-acre multifamily development site located at 9410 East Ray Road in Mesa, Arizona. The property was sold for $5,000,000 to Liv Communities by PCS Development. The transaction took place on May 01, 2024, in Mesa's market.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $5,000,000
- Buyer: Liv Communities
- Seller: PCS Development
- Brokers: Cliff David, Steve Gebing & Trevor Hardy - Institutional Property Advisors
- Address: 9410 East Ray Road
- Market: Mesa, AZ
- Asset Type: Multifamily
- Acres: 8.55
Institutional Property Advisors, a division of Marcus & Millichap, facilitated the sale of The Premiere at Eastmark 3.0 for $5 million. The property, benefiting from its proximity to Mesa’s Elliot Road Technology Corridor and Phoenix-Mesa Gateway Airport employment hub, attracted Liv Communities as the buyer and was sold by PCS Development.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$266,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$17,763.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$23,702.55
Annual Debt Service$284,430.61
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