Hackman Capital Partners Acquires Studio In Manhattan Beach From The Carlyle Group For $650M
SOLD
$650,000,000
California
See Similar DealsOther587,000 SF
Sold 08/07/2019
SOLD
Hackman Capital Partners Acquires Studio In Manhattan Beach From The Carlyle Group For $650M
1600 Rosecrans Ave, Manhattan Beach, CA, USA
See Similar DealsOther587,000 SF
Sold 08/07/2019
Summary
CALIFORNIA
Asset Type:Other
Price Per Square Foot:$1,107
Total Square Footage:587,000 SF
Transaction Type:Sale
The property involved in this transaction is a studio located at 1600 Rosecrans Avenue in Manhattan Beach. The property has a total square footage of 587,000, and the price per square foot is $1,107. The transaction took place on August 7, 2019.
Summary of transaction details:
- Property Type: Studio
- Transaction Amount: $650,000,000
- Address: 1600 Rosecrans Ave
- Market: Manhattan Beach
The seller of the property was Edward Samek, representing The Carlyle Group. The buyers were Michael Hackman and Tyler Friedman, who are part of Hackman Capital Partners.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$34,666,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$2,309,312.70
Cash-on-Cash Return-1.27%
Monthly Debt Service$3,081,331.61
Annual Debt Service$36,975,979.37
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