Griffis Residential Acquires Multifamily Property In San Diego For $155.7M
SOLD
$155,700,000
California
See Similar DealsMultiFamily303,178 SF
Sold 05/04/2021
SOLD
Griffis Residential Acquires Multifamily Property In San Diego For $155.7M
1440 Hotel Circle North, San Diego, CA, USA
See Similar DealsMultiFamily303,178 SF
Sold 05/04/2021
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$513
Total Square Footage:303,178 SF
Transaction Type:Sale
In a recent closed transaction in San Diego's multifamily market, Griffis Residential acquired a property located at 1440 Hotel Circle North for a sale price of $155,700,000. The asset, consisting of 350 units, was sold by AEW. The transaction took place on May 4, 2021.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $155,700,000
- Address: 1440 Hotel Circle North
- Market: San Diego
The buyer, Griffis Residential, acquired the property from the seller, AEW. The deal was facilitated by brokers Dean Zander, Kevin Mulhern, and Stew Weston.
Players
BUYER
SELLER
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$8,304,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$553,169.21
Cash-on-Cash Return-1.27%
Monthly Debt Service$738,097.43
Annual Debt Service$8,857,169.21
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