Oakmont Properties Acquires Multifamily In Citrus Heights For $120M
SOLD
$120,000,000
California
See Similar DealsMultiFamily335,299 SF
Sold 08/31/2021
SOLD
Oakmont Properties Acquires Multifamily In Citrus Heights For $120M
6011 Shadow Ln, Citrus Heights, CA, USA
See Similar DealsMultiFamily335,299 SF
Sold 08/31/2021
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$357
Total Square Footage:335,299 SF
Transaction Type:Sale
The multifamily property located at 6011 Shadow Ln. in Citrus Heights has been sold for a total of $120,000,000. The transaction took place on August 31, 2021. The property consists of 410 units, with an average price per unit of $292,682.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $120,000,000
- Address: 6011 Shadow Ln., Citrus Heights
- Market: Citrus Heights
- Buyer: Oakmont Properties
- Seller: Kennedy Wilson Fund VI
- Buyer's Representative: Andrew Behrens & Jesse Weber - CBRE
- Seller's Representative: Marc Ross - CBRE
The buyer of the property is Oakmont Properties, while the seller is Kennedy Wilson Fund VI. Andrew Behrens & Jesse Weber from CBRE represented Oakmont Properties in the deal, whereas Marc Ross from CBRE represented Kennedy Wilson Fund VI. The transaction marks a significant sale in the Citrus Heights market with 410 units changing hands.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,400,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$426,334.65
Cash-on-Cash Return-1.27%
Monthly Debt Service$568,861.22
Annual Debt Service$6,826,334.65
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