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Rachel Diller Jonathan Slager Robert Morse Of Bridge Investment Group Acquire Walnut Creek Manor For $101M

Property Image
SOLD
$101,000,000

California

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MultiFamily
Sold 07/25/2024
the dealdetailscomps
Property Image
SOLD

Rachel Diller Jonathan Slager Robert Morse Of Bridge Investment Group Acquire Walnut Creek Manor For $101M

81 Mayhew Way

See Similar Deals
MultiFamily
Sold 07/25/2024
the dealdetailscomps

Summary

CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale

The transaction involved a multifamily asset located at 81 Mayhew Way in Walnut Creek. The property was sold for $101,000,000 and encompasses 418 units, resulting in a price per unit of $241,627. The asset, Walnut Creek Manor, features amenities including a pool and a clubhouse.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $101,000,000
  • Units: 418
  • Price Per Unit: $241,627
  • Buyer: Rachel Diller, Jonathan Slager, Robert Morse - Bridge Investment Group Holdings; Bridge Workforce Funding
  • Seller: John Boswell - Boswell Alliance Construction
  • Loan Amount: $75.4 million

The deal was facilitated by key individuals: Rachel Diller, Jonathan Slager, and Robert Morse representing Bridge Investment Group Holdings and Bridge Workforce Funding, while John Boswell represented Boswell Alliance Construction as the seller in the transaction.

Details

SOLD
IMAGE: Rachel Diller, Jonathan Slager, Robert Morse & John Boswell DATE: 07/25/2024 ADDRESS: 81 Mayhew Way MARKET: Walnut Creek ASSET TYPE: Multifamily BUYER: Rachel Diller, Jonathan Slager, Robert Morse - Bridge Investment Group Holdings (@Bridge.CRE); Bridge Workforce Funding SELLER: John Boswell - Boswell Alliance Construction SALE PRICE: $101,000,000 UNITS: 418 ~ PPU: $241,627 NOTE: Bridge Investment Group Holdings and Bridge Workforce Funding paid $101 million for a 418-unit apartment complex near Walnut Creek, planning to convert it into workforce housing. The property, Walnut Creek Manor, was sold by Boswell Alliance Construction and includes amenities such as a pool and clubhouse, with Bridge obtaining a $75.4 million loan for the purchase.

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

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Cash Flow (Annual)-$358,831.66
Cash-on-Cash Return-1.27%
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