Providence City Plaza Apartments II LLC Acquires Escondido Property For $25 Million With Corey's Brokerage
SOLD
$25,000,000
California
See Similar DealsMultiFamily63,729 SF
SOLD
Providence City Plaza Apartments II LLC Acquires Escondido Property For $25 Million With Corey's Brokerage
300 S Escondido BLVD, Escondido, CA...
See Similar DealsMultiFamily63,729 SF
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$392
Total Square Footage:63,729 SF
Transaction Type:Sale
The property involved in this transaction is an apartment building located at 300 S Escondido Blvd, Escondido, CA. This asset was sold for $25,000,000 and encompasses 63,729 square feet. Built in 2018, the property features 56 residential units, which include a mix of one- and two-bedroom layouts. Additionally, it provides ground-floor retail space and has 126 subterranean parking spaces.
Summary of transaction details:
- Property Type: Apartment Building
- Transaction Amount: $25,000,000
- Square Footage: 63,729
- Address: 300 S Escondido Blvd, Escondido, CA
- Market: Escondido
- Buyer's Representative: Corey McHenry-Colliers International
- Buyer: Providence City Plaza Apartments II LLC
- Seller: Escondido Apartments Investment LLC
In this deal, Corey McHenry and Peter Scepanovic of Colliers represented the buyer, Providence City Plaza Apartments II LLC. The seller for this transaction was Escondido Apartments Investment LLC.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,333,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$88,819.73
Cash-on-Cash Return-1.27%
Monthly Debt Service$118,512.75
Annual Debt Service$1,422,153.05
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