Brian Kingston & Bruce Flatt Acquire Multifamily Asset In San Diego For $312.5M

1281 9th Avenue

$312,500,000

Building Size

—

Asset Type

MultiFamily

Closing

Feb 22, 2021

AI

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

Brookfield PropertiesBrokerage

San Diego 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

0.05%

Cash-on-Cash

-0.01%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93