MHA Group Acquires Multifamily Property In San Diego For $32.6M
SOLD
$32,600,000
California
See Similar DealsMultiFamily130,680 SF
Sold 09/13/2021
SOLD
MHA Group Acquires Multifamily Property In San Diego For $32.6M
6888 Friars Rd, San Diego, CA, USA
See Similar DealsMultiFamily130,680 SF
Sold 09/13/2021
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$249
Total Square Footage:130,680 SF
Transaction Type:Sale
Located at 6888 Friars Rd. in San Diego, this multifamily property was recently sold in a closed transaction. The property consists of 73 units and was purchased by MHA Group from the seller, Acacia Capital, for a sale price of $32,600,000. With a price per unit of $446,575, this transaction showcases the strong market demand for multifamily assets in San Diego.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $32,600,000
- Units: 73
- Price Per Unit: $446,575
The buyer in this transaction, MHA Group, successfully acquired the property with the assistance of CBRE's brokers, Kevin Mulhern & Allen Chitayat. They represented MHA Group throughout the deal, ensuring a smooth transaction process. With their expertise and guidance, MHA Group was able to secure this desirable multifamily asset in San Diego.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,738,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$115,820.91
Cash-on-Cash Return-1.27%
Monthly Debt Service$154,540.63
Annual Debt Service$1,854,487.58
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