LaTerra Development Acquires Multifamily Property In Riverside County For $8.2M
SOLD
$8,200,000
California
See Similar DealsMultiFamily701,316 SF
Sold 12/06/2021
SOLD
LaTerra Development Acquires Multifamily Property In Riverside County For $8.2M
2700 North Perris Boulevard, Perris, CA, USA
See Similar DealsMultiFamily701,316 SF
Sold 12/06/2021
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$11
Total Square Footage:701,316 SF
Transaction Type:Sale
An apartment complex located at 2700 N. Perris Boulevard in Riverside County has been sold for $8,200,000. The multifamily property, consisting of 228 units, spans over a total area of 701,316 square feet. The purchase price per unit amounts to $35,964, while the price per square foot is $11.69.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $8,200,000
- Address: 2700 N. Perris Boulevard, Riverside County
- Market: Riverside County
- Units: 228
- Price Per Unit (PPU): $35,964
- Square Footage (SF): 701,316
- Price Per Square Foot (PPSF): $11.69
The seller of the property was JD Pierce, and the buyer was LaTerra Development, with Chris Tourtellotte representing the buyer. The sale was facilitated by brokers Justin Woodworth and Justin Esayian of The Hoffman Company.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$437,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$29,132.88
Cash-on-Cash Return-1.27%
Monthly Debt Service$38,872.18
Annual Debt Service$466,466.20
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