Opportunity Housing Group Acquires 484-Unit Multifamily Property In Pleasant Hill For $304M
SOLD
$304,000,000
+ 1
California
See Similar DealsMultiFamily
Sold 01/10/2022
SOLD
Opportunity Housing Group Acquires 484-Unit Multifamily Property In Pleasant Hill For $304M
637 Stonebridge Way, Pleasant Hill, California 94523, United States
See Similar DealsMultiFamily
Sold 01/10/2022
+ 1
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 637 Stonebridge Way in Pleasant Hill was recently sold for a total of $304,000,000. The transaction took place on January 10, 2022. This property consists of 484 units, resulting in a per unit price of approximately $628,099.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $304,000,000
- Address: 637 Stonebridge Way
- Market: Pleasant Hill
The buyers of this property were Opportunity Housing Group represented by Lauren Seaver and California Statewide Communities Development Authority. The brokers involved in the transaction were Philip Saglimbeni, Salvatore Saglimbeni, Stanford Jones, and Alex Tartaglia from Institutional Property Advisors, which is a part of Marcus & Millichap.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$16,213,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$1,080,047.79
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,441,115.09
Annual Debt Service$17,293,381.12
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