MG Properties & Oaktree Capital Management Acquires Multifamily Property In San Jose & Milpitas For $513M
SOLD
$513,000,000
California
See Similar DealsMultiFamily
Sold 07/29/2022
SOLD
MG Properties & Oaktree Capital Management Acquires Multifamily Property In San Jose & Milpitas For $513M
1501 Berryessa Road, San Jose, California 95131, United States
See Similar DealsMultiFamily
Sold 07/29/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 1501 Berryessa Road in San Jose and 312 Gates Drive in Milpitas has been sold in a recent transaction. The property consists of 884 units, with a per unit price of $580,316. The sale price for the property was $513,000,000.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $513,000,000
- Units: 884
- Price Per Unit: $580,316
MG Properties and Oaktree Capital Management were the buyers in this transaction. The sale was facilitated by the broker teams at Eastdil Secured and Institutional Property Advisors - Marcus & Millichap.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$27,360,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,822,580.64
Cash-on-Cash Return-1.27%
Monthly Debt Service$2,431,881.72
Annual Debt Service$29,182,580.64
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