Tower 16 Acquires Multifamily Property In Colton, Inland Empire For $41M
$41,000,000
SOLD
$41,000,000
California
See Similar DealsMultiFamily1,043 SF
Sold 05/12/2020
$41,000,000
SOLD
Tower 16 Acquires Multifamily Property In Colton, Inland Empire For $41M
1333 Reche Canyon Ridge, Colton, CA, USA
See Similar DealsMultiFamily1,043 SF
Sold 05/12/2020
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$39,309
Total Square Footage:1,043 SF
Transaction Type:Sale
The asset involved in this transaction is a multifamily property located at 1333 Reche Ridge in Colton, Inland Empire. The sale was executed for $41,000,000, which translates to a price per unit of $191,588, encompassing a total of 214 units.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $41,000,000
- Units: 214
- Price Per Unit: $191,588
- Buyer: Tower 16
- Seller: Logan Capital
- Brokers: Dean Zander & Stew Weston
- Sale Date: 05/12/2021
- Address: 1333 Reche Ridge
- Market: Colton, Inland Empire
Dean Zander and Stew Weston represented the buyer, Tower 16, in this transaction while facilitating the sale from the seller, Logan Capital. Their involvement played a significant role in bringing the two parties together for the completion of this multifamily property deal.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,186,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$145,664.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$194,360.92
Annual Debt Service$2,332,331.01
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