Tides Equities Acquires Colton Multifamily For $72.25M With Buyer's Rep Ryan Fitzpatrick
SOLD
$72,250,000
California
See Similar DealsMultiFamily308,030 SF
Sold 10/24/2019
SOLD
Tides Equities Acquires Colton Multifamily For $72.25M With Buyer's Rep Ryan Fitzpatrick
1699 East Washington Street, Colton, CA, USA
See Similar DealsMultiFamily308,030 SF
Sold 10/24/2019
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$234
Total Square Footage:308,030 SF
Transaction Type:Sale
The multifamily property located at 1699 E Washington St in Colton has been sold in a closed transaction. The property spans 308,030 square feet and consists of 366 units. The sale price for this asset was $72,250,000, resulting in a price per square foot of $234.56 and a price per unit of $197,404. The transaction took place on October 24, 2019.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $72,250,000
- Square Footage: 308,030
- Price per Square Foot: $234.56
- Units: 366
- Price per Unit: $197,404
- Market: Colton
Tides Equities, represented by Sean Kia and Ryan Andrade, acquired the property. The seller was Blackstone, Livcor, and Tony Konstant. The deal was facilitated by Ryan Fitzpatrick from JLL.
Players
SELLER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,853,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$256,688.99
Cash-on-Cash Return-1.27%
Monthly Debt Service$342,501.86
Annual Debt Service$4,110,022.32
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