Updated Sep 9, 2024
Lester Tjelmeland Acquires 96-Unit Multifamily In Riverside For $23.1M
6556 Arlington Avenue
$23,100,000
$318/SF
Building Size
72,600 SF
Asset Type
MultiFamily
Closing
Feb 22, 2023
About this deal
AI
A multifamily property located at 6556 Arlington Avenue in Riverside has been sold for a price of $23,100,000. The property consists of 96 units with an average price per unit of $240,625. The total square footage of the property is 72,600, with an average price per square foot of $318.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $23,100,000
- Address: 6556 Arlington Avenue, Riverside
- Units: 96
- Price per Unit: $240,625
- Square Footage: 72,600
- Price per Square Foot: $318
The buyer in this transaction was Lester Tjelmeland, while the seller was Jeannette Sexton. The deal was facilitated by Blake Torgerson and Eric Chen from CBRE.
Market 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
0.69%
Cash-on-Cash
-0.20%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93