Waterford Property Company Acquires Multifamily Property In Pasadena For $67M
SOLD
$67,000,000
California
See Similar DealsMultiFamily124,631 SF
Sold 11/08/2021
SOLD
Waterford Property Company Acquires Multifamily Property In Pasadena For $67M
289 North El Molino Avenue, Pasadena, CA 91101
See Similar DealsMultiFamily124,631 SF
Sold 11/08/2021
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$537
Total Square Footage:124,631 SF
Transaction Type:Sale
The multifamily property located at 289 N. El Molino Ave. in Pasadena has been sold in a transaction valued at $67,000,000. The property consists of 105 units, resulting in a per unit price of $638,095. The sale was facilitated by Kevin Green and Gregory Harris from Institutional Property Advisors, representing the buyer, Waterford Property Company - Sean Rawson & California Statewide Community Development Authority, and the seller, Summerhill Communities.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $67,000,000
- Units: 105
- Price per Unit: $638,095
- Market: Pasadena
Waterford Property Company - Sean Rawson & California Statewide Community Development Authority acquired the property from Summerhill Communities in this notable transaction. Kevin Green and Gregory Harris, representing Institutional Property Advisors, played a key role as brokers in facilitating the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,573,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$238,036.86
Cash-on-Cash Return-1.27%
Monthly Debt Service$317,614.18
Annual Debt Service$3,811,370.18
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