Advanced Real Estate Acquires Multifamily Property In Irvine From Essex Property Trust
SOLD
$57,500,000
California
See Similar DealsMultiFamily26,100 SF
Sold
SOLD
Advanced Real Estate Acquires Multifamily Property In Irvine From Essex Property Trust
2300 Dupont Dr, Irvine, CA, USA
See Similar DealsMultiFamily26,100 SF
Sold
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$2,203
Total Square Footage:26,100 SF
Transaction Type:Sale
The multifamily property located at 2300 Dupont Dr. in Irvine was recently sold in a transaction. The property consists of 115 units and was sold for a price of $57,500,000. The buyer of the property was Advanced Real Estate, while the seller was Essex Property Trust. Joe Leon, Michael Thagard, and Jeff Rowerdink served as the brokers in the deal representing the respective parties. The sale took place on February 26, 2021.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $57,500,000
- Address: 2300 Dupont Dr.
- Market: Irvine
- Units: 115
- Price per Unit: $500,000
The transaction involved notable individuals and companies. The buyer, Advanced Real Estate, made the acquisition, while the seller, Essex Property Trust, sold the property. Joe Leon, Michael Thagard, and Jeff Rowerdink represented the buyer and seller as brokers in the deal.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,066,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$204,285.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$272,579.34
Annual Debt Service$3,270,952.02
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