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AIDS Healthcare Foundation Buys Skid Row Buildings For $27M For Housing Initiative

Property Image
SOLD
$27,000,000

California

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Hotel
Sold 04/18/2024
the dealdetailscomps
Property Image
SOLD

AIDS Healthcare Foundation Buys Skid Row Buildings For $27M For Housing Initiative

224 Boyd Street, 508 East 4th Street & 115 East 3rd Street

See Similar Deals
Hotel
Sold 04/18/2024
the dealdetailscomps

Summary

CALIFORNIA
Asset Type:Hotel
Transaction Type:Sale

The transaction involved the sale of a Hotel & Multifamily property located at 224 Boyd Street, 508 East 4th Street & 115 East 3rd Street in Los Angeles. The property consists of 415 units with a sale price of $27,000,000, translating to a price per unit of $65,060.

Summary of transaction details:

  • Property Type: Hotel & Multifamily
  • Transaction Amount: $27,000,000
  • Units: 415
  • Address: 224 Boyd Street, 508 East 4th Street & 115 East 3rd Street
  • Market: Los Angeles
  • Buyer: Michael Weinstein - AIDS Healthcare Foundation
  • Seller: Skid Row Housing Trust
  • PPU: $65,060

The AIDS Healthcare Foundation, represented by Michael Weinstein, acquired the property after securing court approval for the $27 million purchase. The foundation aims to operate the buildings as housing for formerly homeless individuals, expanding its efforts to provide permanent housing for homeless residents.

Details

SOLD
IMAGE: Michael Weinstein DATE: 04/18/2024 ADDRESS: 224 Boyd Street, 508 East 4th Street & 115 East 3rd Street MARKET: Los Angeles ASSET TYPE: Hotel & Multifamily BUYER: Michael Weinstein - AIDS Healthcare Foundation (@AIDSHealthcare) SELLER: Skid Row Housing Trust SALE PRICE: $27,000,000 UNITS: 415 ~ PPU: $65,060 NOTE: The AIDS Healthcare Foundation secured court approval to purchase six hotel and apartment buildings on L.A.’s Skid Row for $27 million, expanding its efforts to provide permanent housing for homeless residents. Despite concerns about its track record, the foundation aims to operate the buildings as housing for formerly homeless individuals, with the deal expected to close soon.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,440,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$95,925.30
Cash-on-Cash Return-1.27%
Monthly Debt Service$127,993.77
Annual Debt Service$1,535,925.30