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Pacific Urban Investors Acquires Multifamily Asset From Anton Development Company For $109.25M

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SOLD
$109,250,000

California

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MultiFamily344,751 SF
Sold 10/08/2024
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Property Image
SOLD

Pacific Urban Investors Acquires Multifamily Asset From Anton Development Company For $109.25M

1821 South Milpitas Boulevard

See Similar Deals
MultiFamily344,751 SF
Sold 10/08/2024
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Summary

CALIFORNIA
Asset Type:MultiFamily
Price Per Square Foot:$316
Total Square Footage:344,751 SF
Transaction Type:Sale

The property asset involved in this transaction is a multifamily building located at 1821 South Milpitas Boulevard in the Silicon Valley market. The sale price was $109,250,000 with a total of 266 units. The property spans 344,751 square feet, yielding a price per unit of $410,714 and a price per square foot of $316.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $109,250,000
  • Units: 266
  • Square Footage: 344,751
  • Price Per Unit: $410,714
  • Price Per Square Foot: $316
  • Buyer: Pacific Urban Investors
  • Seller: Anton Development Company
  • Buyer’s Representatives: Keith Manson, Zachary Greenwood & Mac Watson - CBRE

This transaction involved key individuals from CBRE, with Keith Manson, Zachary Greenwood, and Mac Watson representing Pacific Urban Investors in the deal. The involvement of these representatives highlights the active role of brokerage firms in facilitating significant property transactions in the multifamily sector.

Players

Keith Manson
4 deals$177.2M volume
BROKER

Zachary Greenwood
CBRE
4 deals$177.2M volume
BROKER

Mac Watson
CBRE
4 deals$177.2M volume
BROKER

Details

SOLD
IMAGE: Zachary Greenwood, Keith Manson & Mac Watson DATE: 10/08/2024 ADDRESS: 1821 South Milpitas Boulevard MARKET: Silicon Valley ASSET TYPE: Multifamily BUYER: Pacific Urban Investors SELLER: Anton Development Company BUYER'S REP: Keith Manson, Zachary Greenwood & Mac Watson - CBRE (@CBRE) SALE PRICE: $109,250,000 UNITS: 266 ~ PPU: $410,714 SF: 344,751 ~ PPSF: $316

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$5,826,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$388,142.17
Cash-on-Cash Return-1.27%
Monthly Debt Service$517,900.74
Annual Debt Service$6,214,808.84