Updated Dec 4, 2024
JPI Acquires Multifamily Property In Long Beach For $14.7M
450 The Promenade North
$14,700,000
$213/SF
Building Size
68,741 SF
Asset Type
MultiFamily
Closing
May 6, 2024
About this deal
AI
The multifamily property located at 450 The Promenade North in Long Beach was sold for $14,700,000. The property spans 68,741 square feet, resulting in a price per square foot of $214.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $14,700,000
- Buyer: JPI
- Seller: Monument Square Investment Group, Turnbridge Equities, Waterford Property Company
- Seller's Rep: Anthony Muhlstein, Chris Benton, Kevin Shannon, Ken White & Gabe Munson - Newmark
The sale of the multifamily property was facilitated by Anthony Muhlstein, Chris Benton, Kevin Shannon, Ken White, and Gabe Munson from Newmark. The key individuals involved in the transaction were pivotal in bringing the deal to fruition.
On the Map
$14,700,000
$213/SF
MultiFamily
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Players
Long Beach 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
1.08%
Cash-on-Cash
-0.31%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93