Harbor Group International Acquires Multifamily Property In Koreatown, Los Angeles For $230M
SOLD
$230,000,000
California
See Similar DealsMultiFamily
SOLD
Harbor Group International Acquires Multifamily Property In Koreatown, Los Angeles For $230M
3150 Wilshire Boulevard, Los Angeles, California 90010, United States
See Similar DealsMultiFamily
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 3150 Wilshire Boulevard in Koreatown, Los Angeles, CA has been sold for approximately $230,000,000. The property consists of 464 units, with a price per unit of $495,690. The sale was completed on 11/18/2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $230,000,000 (Approx.)
- Units: 464
- Price Per Unit (PPU): $495,690
- Address: 3150 Wilshire Boulevard, Koreatown, Los Angeles, CA
- Market: Koreatown, Los Angeles, CA
The buyer of the property is Harbor Group International, represented by Jordan Slone of Image Capital. The seller is Principal Financial Group, represented by Daniel Joseph Houston. The transaction was facilitated by the broker Marc Renard from Cushman & Wakefield. The financing for the deal was provided by Signature Bank and New York Community Bank.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$12,266,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$817,141.43
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,090,317.34
Annual Debt Service$13,083,808.09
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