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Decron Properties Acquires 240-Unit Margo At The Society Multifamily In San Diego For $125.5M
SOLD
$125,500,000
California
See Similar DealsMultiFamily
Sold 12/11/2023
SOLD
Decron Properties Acquires 240-Unit Margo At The Society Multifamily In San Diego For $125.5M
201 Del Sol Drive
See Similar DealsMultiFamily
Sold 12/11/2023
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
Decron Properties has acquired the 240-unit Margo at The Society in San Diego for $125.5 million. The multifamily property is located at 201 Del Sol Drive and is part of San Diego's thriving market. The purchase aligns with Decron's strategy to diversify its portfolio, reduce exposure to rent control legislation, and meet the demand in the area.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $125,500,000
- Address: 201 Del Sol Drive
- Market: San Diego
- Buyer: Decron Properties - David Nagel
- Units: 240
- Price Per Unit (PPU): $522,917
Decron Properties, represented by David Nagel, completed the acquisition using a 1031 exchange from the sale of two Thousand Oaks properties. This strategic move allows Decron Properties to expand its portfolio and capitalize on the thriving market in San Diego.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,693,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$445,875.00
Cash-on-Cash Return-1.27%
Monthly Debt Service$594,934.03
Annual Debt Service$7,139,208.33
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