Marcus & Millichap Capital Arranges $5.85M Financing For Rancho Verde Apartments Acquisition In San Jose
127 Rancho Dr San Jose, CA 95111, USA
$8,800,000
Building Size
—
Asset Type
MultiFamily
Closing
Jun 27, 2023
AI
The Rancho Verde Apartments in San Jose, a multifamily property, was recently sold for $8.8 million. The transaction took place on 06/27/2023 and the property is located at 127 Rancho Drive. The sale price translates to a per unit price of $293,333. The buyer plans to carry out substantial renovations in order to achieve market rents.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $8,800,000
- Units: 30
- Price Per Unit: $293,333
- Market: San Jose
Eymon Binesh from Marcus & Millichap represented the buyer in this transaction as the broker. Chad O’Connor, also from Marcus & Millichap, acted as the mortgage broker for the buyer. Marcus & Millichap Capital Corporation arranged the acquisition financing, securing a loan amount of $5.85 million.
Please note that the provided information does not mention any additional details about the deal.
Players
Los Angeles MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.80%
Cash-on-Cash
-0.52%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93