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GID Real Estate Investments Acquires Millenium PQ Multifamily Complex From The Dinerstein Companies For $167M
SOLD
$167,000,000
California
See Similar DealsMultiFamily
Sold 07/18/2024
SOLD
GID Real Estate Investments Acquires Millenium PQ Multifamily Complex From The Dinerstein Companies For $167M
14433 Peñasquitos Drive
See Similar DealsMultiFamily
Sold 07/18/2024
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
The 331-unit Millenium PQ multifamily complex is located at 14433 Peñasquitos Drive in the San Diego market. The sale was completed for $167 million, equating to a price per unit of $504,532.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $167,000,000
- Units: 331
- Buyer: Gregory S. Bates - GID Real Estate Investments
- Seller: Brian Dinerstein - The Dinerstein Companies
- Broker: Hunter Combs - Walker & Dunlop
This transaction marks the second-largest single-asset deal in California and the fifth-largest nationwide in 2024. Hunter Combs represented the seller in this significant multifamily transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$8,906,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$593,315.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$791,665.20
Annual Debt Service$9,499,982.39
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