Brian Kingston & Bruce Flatt Acquire Multifamily Asset In San Diego For $312.5M
SOLD
$312,500,000
California
See Similar DealsMultiFamily
Sold 02/22/2021
SOLD
Brian Kingston & Bruce Flatt Acquire Multifamily Asset In San Diego For $312.5M
1281 9th Avenue
See Similar DealsMultiFamily
Sold 02/22/2021
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
Brian Kingston, Sam Zell, and Bruce Flatt have completed a multifamily property sale in San Diego. The property is located at 1281 9th Ave.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $312,500,000
- Market: San Diego
- Buyer: Brian Kingston & Bruce Flatt - Brookfield Asset Management Inc.
- Seller: Sam Zell - Equity Residential
- Brokers: Kidder Mathews
- Units: 679
- Price per Unit: $460,235
The buyers, Brian Kingston and Bruce Flatt from Brookfield Asset Management Inc., purchased the property from the seller, Sam Zell of Equity Residential. The sale was facilitated by the brokers from Kidder Mathews.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$16,666,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,110,246.49
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,481,409.43
Annual Debt Service$17,776,913.16
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