Jeffrey Hines And Laura Hines-Pierce Acquire Multifamily Property In Daly City For $44M

The transaction involves a multifamily asset located at 6543 Mission Street in Daly City. The property consists of 95 units and was sold for $44,000,000, resulting in a price per unit of $463,158.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $44,000,000
• Buyer: Jeffrey Hines & Laura Hines-Pierce - Hines
• Seller: Mark J. Parrell - Equity Residential
• Broker: JLL
• Lender: State Farm
• Mortgage Brokers: Andrew Behrens, Bradford Zampa, Jesse Weber & Michael Walker - CBRE
• Units: 95
• Price Per Unit: $463,158

The deal was facilitated by JLL and included a $25 million loan from State Farm at a fixed rate of 5.40%. The financing arrangement was coordinated by CBRE, with emphasis on the strong rental growth and low vacancy rates prevailing in North San Mateo County.