Paloma Communities Acquires Bixby Knolls Multifamily For $3.55M

Located in Bixby Knolls, the multifamily property at 3520 Elm Ave. has been sold for a total price of $3,550,000. The transaction took place on June 16, 2021, and the property consists of 12 units, resulting in a per-unit price of $295,833. The total square footage of the property is 9,836, with a price per square foot of $360. The capitalization rate (CAP) for this sale is 4.29%.

Summary of transaction details

• Property Type: Multifamily
• Transaction Amount: $3,550,000
• Units: 12
• Price Per Unit: $295,833
• Square Footage: 9,836
• Price Per Square Foot: $360
• Capitalization Rate (CAP): 4.29%

The buyer of the property is Paloma Communities, while the seller is the Botwin Trust. Shane Young represented the buyer as their representative, and Brett Lyon represented the seller. Both brokers played a crucial role in facilitating the transaction but did not personally participate as the buyer or seller. Their expertise and negotiation skills helped bring this deal to fruition.