Spieker Companies Acquires Sunnyvale Multifamily For $106M From Seller Boskin
SOLD
$106,000,000
California
See Similar DealsMultiFamily
Sold 01/23/2023
SOLD
Spieker Companies Acquires Sunnyvale Multifamily For $106M From Seller Boskin
902 West Remington Drive, Sunnyvale, California 94087, United States
See Similar DealsMultiFamily
Sold 01/23/2023
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 902-930 West Remington Drive & 902-930 Rockefeller Drive in Sunnyvale has been sold. The transaction took place on 01/23/2023 and was facilitated by Michael Boskin, who represented the seller, Koret. The property was purchased by Spieker Companies.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $106,000,000
- Units: 224
- Price per Unit (PPU): $473,214
The sale of this multifamily property represents a significant transaction in the Sunnyvale market. The property consists of 224 units, with each unit priced at approximately $473,214. The total transaction amount for the sale was $106,000,000.
Michael Boskin from Koret represented the seller in this deal, while Spieker Companies acted as the buyer.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,653,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$376,595.63
Cash-on-Cash Return-1.27%
Monthly Debt Service$502,494.08
Annual Debt Service$6,029,928.94
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