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3411 Grande Vista Pkwy, Riv...

Davlyn Investments Acquires Metro Gateway Multifamily In Riverside For $60M
SOLDMultiFamily

Davlyn Investments Acquires Metro Gateway Multifamily In Riverside For $60M

3411 Grande Vista Pkwy, Riverside, C...

$60,000,000

Building Size

Asset Type

MultiFamily

Closing

Jul 31, 2019

AI

Metro Gateway is a multifamily property located at 3411 Grande Vista Pkwy, Riverside, California. The asset was constructed in 2017 and features 187 apartments along with a modern amenity package. The property was sold for $60 million in an off-market transaction.

Summary of transaction details:

  • Property Type: MultiFamily
  • Transaction Amount: $60,000,000.00
  • Address: 3411 Grande Vista Pkwy, Riverside, California
  • Market: Riverside
  • Seller's Representatives: Ryan Fitzpatrick - The Corcoran Group, Sean Deasy - JLL
  • Buyer: Davlyn Investments
  • Acquisition Financing Arranged by: Ryan Blair of City National Bank
  • Notable Fact: This is Davlyn's 11th acquisition in Southern California's Inland Empire.

Ryan Fitzpatrick and Sean Deasy played key roles in representing the seller, ensuring the transaction was effectively managed. The involvement of Ryan Blair from City National Bank in arranging the acquisition financing highlights the collaborative effort that facilitated this deal.

Players

Ryan Fitzpatrick

The Corcoran Group

Broker

$382.5M

vol

4 deals

Broker
DI
Davlyn InvestmentsBuyer

Riverside MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.26%

Cash-on-Cash

-0.08%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93