Raincross Promenade Acquires Multifamily Property In Riverside For $60M
SOLD
$60,000,000
California
See Similar DealsMultiFamily111,077 SF
Sold 08/10/2022
SOLD
Raincross Promenade Acquires Multifamily Property In Riverside For $60M
3250 Market Street, Riverside, California 92501, United States
See Similar DealsMultiFamily111,077 SF
Sold 08/10/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$540
Total Square Footage:111,077 SF
Transaction Type:Sale
3250 Market St, a multifamily property located in Riverside, was recently sold in a closed transaction. Kyle Pinkalla, representing Northmarq, facilitated the deal between the buyer, Raincross Promenade, and the seller, Regional Properties LP. The sale took place on 08/10/2022.
Summary of transaction details:
- Property Type: Multifamily
- Sale Price: $60,000,000
- Units: 141
- Price per unit: $425,531
- Market: Riverside
The sale of 3250 Market St represents a significant transaction in the Riverside market. Situated in a central location, the property offers 141 units, with a sale price of $60,000,000. The buyer, Raincross Promenade, was represented by Kyle Pinkalla from Northmarq, while the seller, Regional Properties LP, was represented by their own team. The transaction demonstrates the continued investment activity in the multifamily sector in Riverside.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,199,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$213,167.33
Cash-on-Cash Return-1.27%
Monthly Debt Service$284,430.61
Annual Debt Service$3,413,167.33
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