CSCDA Community Improvement Authority & BLVD Impact Housing Acquire Multifamily In Glendale For $79.7M
SOLD
$79,700,000
California
See Similar DealsMultiFamily
Sold 03/30/2022
SOLD
CSCDA Community Improvement Authority & BLVD Impact Housing Acquire Multifamily In Glendale For $79.7M
1717 North Verdugo Road, Glendale, California 91208, United States
See Similar DealsMultiFamily
Sold 03/30/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 1717 N. Verdugo Rd. in Glendale has been sold in a recent transaction. The sale was facilitated by Shane Shafer and Bryan Schellinger from Northmarq on behalf of the buyer, CSCDA Community Improvement Authority & BLVD Impact Housing, and the seller, Interstate Equities Corp. The property is situated in the Glendale market.
Summary of transaction details:
- Property Type: Multifamily
- Date: 03/30/2022
- Address: 1717 N. Verdugo Rd.
- Market: Glendale
- Buyer: CSCDA Community Improvement Authority & BLVD Impact Housing
- Seller: Interstate Equities Corp.
- Brokers: Shane Shafer & Bryan Schellinger - Northmarq
- Sale Price: $79,700,000
- Units: 126
- Price per Unit (PPU): $630,000
The deal involved the collaboration of key individuals and companies. Shane Shafer and Bryan Schellinger from Northmarq represented both the buyer, CSCDA Community Improvement Authority & BLVD Impact Housing, and the seller, Interstate Equities Corp. Their expertise played a significant role in successfully closing the transaction.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,250,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$283,157.26
Cash-on-Cash Return-1.27%
Monthly Debt Service$377,818.66
Annual Debt Service$4,533,823.93
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