MG Properties Group Acquires Meridian Place Apartments In Northridge For $70.2M
SOLD
$70,200,000
California
See Similar DealsMultiFamily
Sold 08/15/2019
SOLD
MG Properties Group Acquires Meridian Place Apartments In Northridge For $70.2M
9423 Reseda BLVD, Northridge, CA, 9...
See Similar DealsMultiFamily
Sold 08/15/2019
Summary
CALIFORNIA
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property involved in the transaction is Meridian Place Apartment Homes located at 9423 Reseda BLVD, Northridge, CA. The property consists of 202 units and was sold for $70,200,000.00 in the Northridge market.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $70,200,000.00
- Seller's Representative: Sean Deasy (JLL)
- Buyer: MG Properties Group
The deal's key individuals and companies include Greg Harris, Kevin Green, and Joseph Grabiec of Institutional Property Advisors (IPA) from Marcus & Millichap, representing the seller. Additionally, Brian Eisendrath, Brandon Smith, and Cameron Chalfant of CBRE arranged the acquisition financing for the transaction.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,744,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$249,405.77
Cash-on-Cash Return-1.27%
Monthly Debt Service$332,783.81
Annual Debt Service$3,993,405.77
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