Daily limit: 0/10
Alan Borstein Of Borstein Enterprises Acquires Las Palmas Apartments From Marshall B. Ketchum University For $40M
SOLD
$40,000,000
California
See Similar DealsMultiFamily
Sold 10/17/2024
SOLD
Alan Borstein Of Borstein Enterprises Acquires Las Palmas Apartments From Marshall B. Ketchum University For $40M
2598 South Associated Road
See Similar DealsMultiFamily
Sold 10/17/2024
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
The Las Palmas apartment property, a multifamily asset, is located at 2598 Associated Road in Fullerton, California. The transaction involved the sale of the property for $40 million, equating to $154,440 per unit for its 259 units. Built in 1991, the property has a cap rate of 12.58%, with rental prices starting at $2,615.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $40,000,000
- Units: 259
- Price Per Unit: $154,440
- Cap Rate: 12.58%
- Rental Prices: from $2,615
- Buyer: Alan Borstein - Borstein Enterprises
- Seller: Marshall B. Ketchum University
- Broker: Kidder Mathews
- Financing: $39.99 million Freddie Mac loan and a $9.6 million supplemental loan
Alan Borstein, representing Borstein Enterprises, acquired the property from Marshall B. Ketchum University. This transaction marks a significant investment in the multifamily market, facilitated by the brokerage services of Kidder Mathews.
Details
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Similar Deals
Similar Buyers
Unlock All Profiles
Upgrade to Traded Pro for full access to every deal, profile & market insight.Unlimited deal views
Access investor profiles & contacts
Exclusive comps & market data
Go Pro
Similar Brokers
Top Markets for Multifamily Investment ReportFall 2025
Search Address Tool
Enter any address to instantly view nearby comps, investors, brokers, lenders, and a visual map.NEW!
Stay in the Know
Subscribe for insider commercial real estate news, deal highlights, and market insights—delivered straight to your inbox.
By subscribing, you agree to our Terms of Service and Privacy Policy.
Suggestions
CRE CalculatorAnalyze deals based on income, expenses, and financing. We automatically filled the calculator with data from the deal you are viewing, fill free to modify it to see how it affects the results.
Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,133,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$142,111.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$189,620.41
Annual Debt Service$2,275,444.88
Is there something missing? Send suggestions