HomeFed Corp. Acquires Escondido Multifamily Property For $167.5M
SOLD
$167,500,000
California
See Similar DealsMultiFamily943,945 SF
Sold 12/03/2021
SOLD
HomeFed Corp. Acquires Escondido Multifamily Property For $167.5M
1501 E Grand Ave, Escondido, CA, USA
See Similar DealsMultiFamily943,945 SF
Sold 12/03/2021
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$177
Total Square Footage:943,945 SF
Transaction Type:Sale
HomeFed Corp. has acquired a multifamily property located at 1501 E. Grand Ave. in Escondido. The transaction was facilitated by broker Kevin Mulhern from CBRE. The property consists of 519 units, with each unit having an average price per unit (PPU) of $322,736. The sale price for the property was $167,500,000.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $167,500,000
- Units: 519
- PPU: $322,736
- Address: 1501 E. Grand Ave.
- Market: Escondido
Kevin Mulhern from CBRE represented the buyer, HomeFed Corp., in the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$8,933,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$595,092.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$794,035.45
Annual Debt Service$9,528,425.45
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