FPA Multifamily Acquires 192-Unit Multifamily Property In Danbury, CT For $41.2M
SOLD
$41,200,000
Connecticut
See Similar DealsMultiFamily59,677 SF
Sold 10/12/2021
SOLD
FPA Multifamily Acquires 192-Unit Multifamily Property In Danbury, CT For $41.2M
10 Clapboard Ridge, Sandy Hook, CT 06482, USA
See Similar DealsMultiFamily59,677 SF
Sold 10/12/2021
Summary
CONNECTICUT
Asset Type:MultiFamily
Price Per Square Foot:$690
Total Square Footage:59,677 SF
Transaction Type:Sale
Located at 10 Clapboard Ridge Road in Danbury, CT, this multifamily property recently changed hands in a closed transaction. The property consists of 192 units and is situated in a desirable market.
Summary of transaction details
- Property Type: Multifamily
- Sale Price: $41,200,000
- Units: 192
- Price per Unit: $214,583
- Last Sale Price: $32,250,000 (2017)
The buyer of the property was FPA Multifamily, represented by Greg Fowler. The seller was Timberline Real Estate Ventures. The transaction was facilitated by Institutional Property Advisors, specifically Marcus & Millichap.
This successful sale highlights the involvement of key individuals and companies in the real estate industry. FPA Multifamily, the buyer, saw great potential in this multifamily property in Danbury, CT. Timberline Real Estate Ventures, the seller, recognized the opportunity to sell the asset at a profitable price. Additionally, Institutional Property Advisors, represented by Marcus & Millichap, played a crucial role in facilitating the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,197,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$146,374.91
Cash-on-Cash Return-1.27%
Monthly Debt Service$195,309.02
Annual Debt Service$2,343,708.23
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