Fairfield Acquires Multifamily In Hancock Park For $60.1M With Brokers Kevin Green & Joseph Grabiec - Marcus & Millichap
SOLD
$60,100,000
California
See Similar DealsMultiFamily58,566 SF
Sold 12/27/2021
SOLD
Fairfield Acquires Multifamily In Hancock Park For $60.1M With Brokers Kevin Green & Joseph Grabiec - Marcus & Millichap
738 Wilcox Avenue, Los Angeles, CA 90038
See Similar DealsMultiFamily58,566 SF
Sold 12/27/2021
Summary
CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$1,026
Total Square Footage:58,566 SF
Transaction Type:Sale
The multifamily property located at 738 Wilcox Avenue in Hancock Park has been sold in a recent transaction. The sale was facilitated by Kevin Green and Joseph Grabiec of Institutional Property Advisors, who represented the buyer, Fairfield, and the seller, Alliance Residential. The property consists of 103 units and was sold for a total price of $60,100,000, resulting in a per unit price of $583,495.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $60,100,000
- Address: 738 Wilcox Avenue
- Market: Hancock Park
- Buyer: Fairfield
- Seller: Alliance Residential
- Brokers: Kevin Green & Joseph Grabiec (Institutional Property Advisors) - Marcus & Millichap
- Units: 103
- Price per Unit: $583,495
Kevin Green and Joseph Grabiec, from Institutional Property Advisors, played a crucial role in this transaction, representing the interests of both the buyer and the seller. Their expertise in the real estate market ensured a successful deal for Fairfield and Alliance Residential.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,205,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$213,522.62
Cash-on-Cash Return-1.27%
Monthly Debt Service$284,904.66
Annual Debt Service$3,418,855.94
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