Gelt Inc. Acquires Multifamily Property In Studio City For $76M
SOLD
$76,000,000
California
See Similar DealsMultiFamily
Sold 09/28/2022
SOLD
Gelt Inc. Acquires Multifamily Property In Studio City For $76M
4041 Radford Avenue, Studio City, California 91604, United States
See Similar DealsMultiFamily
Sold 09/28/2022
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
4041-4121 Radford Avenue in Studio City has been sold in a recent transaction. This multifamily property spans across 1.26 acres, offering a lucrative investment opportunity.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $76,000,000
- Address: 4041-4121 Radford Avenue, Studio City
- Buyer: Gelt Inc. - Keith Wasserman, Josh Satin & Jeff Harris
- Seller: AvalonBay Communities Inc.
- Broker: Institutional Property Advisors - Marcus & Millichap
- Units: 149
- Price per Unit (PPU): $510,067
The buyer, Gelt Inc., led by Keith Wasserman, Josh Satin, and Jeff Harris, successfully acquired the property. On the other hand, AvalonBay Communities Inc. acted as the seller in this transaction. Facilitating the deal was the brokerage team from Institutional Property Advisors, representing both the buyer and seller's interests.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,053,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$270,011.96
Cash-on-Cash Return-1.27%
Monthly Debt Service$360,278.77
Annual Debt Service$4,323,345.28
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