Updated Oct 29, 2024
Friendly Franchisees Corp Acquires 206-Unit Residential Property In Long Beach For $72M
1613 Ximeno Avenue, Long Beach, CA 90804, USA
$72,000,000
$496/SF
Building Size
145,000 SF
Asset Type
Co-Op
Closing
Feb 13, 2019
About this deal
AI
The property located at 1613 Ximeno Ave in Long Beach has been sold for a price of $72 million. The residential asset comprises 206 units with a total area of 145,000 square feet. This translates to a price per square foot of $496, and a unit price of $350,000. The buyer of the property is Friendly Franchisees Corp, while the seller is Michael K. Hayde of Western National Group.
Summary of transaction details
- Property Type: Resi
- Transaction Amount: $72M
- Address: 1613 Ximeno Ave
- Market: Long Beach
- Area: 145K sqft
- Price per Square Foot: $496
- Units: 206
- Unit Price: $350K
- Buyer: Friendly Franchisees Corp
- Seller: Michael K. Hayde - Western National Group
Players
Long Beach Co-Op Market Snapshot
Boundary boundary · Co-Op · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.22%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93