Updated May 12, 2025
Jeffrey Hines And Laura Hines-Pierce Acquire Multifamily Property In Daly City For $44M
6543 Mission Street
$44,000,000
Units
95
Asset Type
MultiFamily
Closing
Feb 19, 2025
About this deal
AI
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.
On the Map
$44,000,000
MultiFamily
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Daly City 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
0.36%
Cash-on-Cash
-0.10%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93