MG Properties Acquires Multifamily Property In Milpitas For $193M
SOLD
$193,000,000
California
See Similar DealsMultiFamily
Sold 08/01/2022
SOLD
MG Properties Acquires Multifamily Property In Milpitas For $193M
312 Gates Dr, Milpitas, California 95035, United States
See Similar DealsMultiFamily
Sold 08/01/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 312 Gates Drive in Milpitas has been sold for a price of $193,000,000. This property consists of 333 units, resulting in a per unit price of $580,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $193,000,000
- Units: 333
- Price Per Unit: $580,000
The buyer of this property is MG Properties, represented by Mark Gleiberman. Mark Gleiberman serves as the buyer's representative in this deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$10,293,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$685,688.25
Cash-on-Cash Return-1.27%
Monthly Debt Service$914,918.46
Annual Debt Service$10,979,021.57
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