MG Properties Group Acquires Multifamily Property In Menifee For $156M
SOLD
$156,000,000
+ 1
California
See Similar DealsMultiFamily368,953 SF
Sold 10/29/2021
SOLD
MG Properties Group Acquires Multifamily Property In Menifee For $156M
30414 Town Center Dr, Menifee, CA, USA
See Similar DealsMultiFamily368,953 SF
Sold 10/29/2021
+ 1
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$422
Total Square Footage:368,953 SF
Transaction Type:Sale
The multifamily property located at 30414 Town Center Dr in Menifee has been sold for a total of $156,000,000. The transaction took place on October 29, 2021. The property consists of 330 units, resulting in a price per unit of $472,727.
Summary of Transaction Details
- Property Type: Multifamily
- Transaction Amount: $156,000,000
- Address: 30414 Town Center Dr, Menifee
- Market: Menifee
The buyer in this transaction is MG Properties Group, represented by Mark Gleiberman, while the seller is MBK Rental Living, represented by Craig Jones. The brokers involved in the deal are Rachel Parsons and Derrek Ostrzyzek from Berkadia, as well as Cameron Chalfante from CBRE.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$8,320,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$554,235.04
Cash-on-Cash Return-1.27%
Monthly Debt Service$739,519.59
Annual Debt Service$8,874,235.05
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