ESG Kullen Acquires Multifamily Property In Long Beach For $43M
SOLD
$43,000,000
California
See Similar DealsMultiFamily
Sold 04/25/2022
SOLD
ESG Kullen Acquires Multifamily Property In Long Beach For $43M
2301 East Market Street, Long Beach, California 90805, United States
See Similar DealsMultiFamily
Sold 04/25/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 2301 East Market Street in Long Beach has been sold for a total price of $43,000,000. The property consists of 158 units, resulting in a per unit price of $272,151. The transaction took place on April 25, 2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $43,000,000
- Address: 2301 East Market Street
- Market: Long Beach
The buyer of the property is ESG Kullen, represented by Eric Granowsky and Tom DelPonti. On the other hand, the seller is Canyon Partners, represented by Joshua Friedman and Mitchell Julis.
Players
BUYER
BUYER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,293,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$152,769.93
Cash-on-Cash Return-1.27%
Monthly Debt Service$203,841.94
Annual Debt Service$2,446,103.25
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