Griffis Residential Acquires Multifamily Property In Mission Valley, San Diego For $155.7M
SOLD
$155,700,000
California
See Similar DealsMultiFamily99,999 SF
Sold 05/06/2021
SOLD
Griffis Residential Acquires Multifamily Property In Mission Valley, San Diego For $155.7M
1440 Hotel Circle North
See Similar DealsMultiFamily99,999 SF
Sold 05/06/2021
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$1,557
Total Square Footage:99,999 SF
Transaction Type:Sale
A multifamily property located at 1440 Hotel Cir N in Mission Valley, San Diego has been sold for a total price of $155,700,000. The transaction occurred on 05/07/2021.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $155,700,000
- Address: 1440 Hotel Cir N, Mission Valley, San Diego
- Market: Mission Valley, San Diego
The buyer of this property is Griffis Residential, represented by Ian Griffis. The seller of the property is AEW Capital Management, represented by Jeff Furber. The deal was facilitated by the brokerage firm CBRE.
The multifamily property consists of 350 units, with an average price per unit (PPU) of $444,857.
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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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