Updated Oct 28, 2024
Sares Regis Group Acquires Multifamily Property In Cortez Hill, San Diego For $76M
1399 9th Avenue, Cortez Hill, San Diego, CA, USA
$76,000,000
$7,600/SF
Building Size
9,999 SF
Asset Type
MultiFamily
Closing
Jun 30, 2021
About this deal
AI
Located at 1399 9th Avenue in Cortez Hill, San Diego, this multifamily property recently underwent a closed transaction. The property consists of 299 units and is owned by Sares Regis Group.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $76,000,000
- Loan: PCCP LLC - Michael Johnson
- Landlord: Sares Regis Group
The loan for this transaction was secured through PCCP LLC, with Michael Johnson representing the lender. The property was acquired by the Sares Regis Group as the landlord.
The multifamily loan at 1399 9th Avenue, Cortez Hill, San Diego, CA, USA in San Diego, California financed for $76M in 2021. Reported inventory is 9,999 square feet across 297 units, or about 7.6K per square foot. This page is the San Diego, California file for the 1399 9th Avenue, Cortez Hill, San Diego, CA, USA multifamily financed: pricing, party profiles, and other closed multifamily comps from the same San Diego sit in the Market section below. Filter that San Diego multifamily set by closing date to see what else financed near 1399 9th Avenue, Cortez Hill, San Diego, CA, USA around 2021. Published consideration for 1399 9th Avenue, Cortez Hill, San Diego, CA, USA is $76M, dated 2021. Cite this Sares Regis Group Acquires Multifamily Property In Cortez Hill, San Diego For $76M loan when underwriting similar multifamily product around San Diego, California.
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93