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Camber Property Group Acquires Oakland Heights Apartments For $23M In Manchester, CT
SOLD
$23,000,000
+ 2
Connecticut
See Similar DealsMultiFamily
Sold 08/21/2023
SOLD
Camber Property Group Acquires Oakland Heights Apartments For $23M In Manchester, CT
360 Oakland St Manchester, Ct 06042, Usa
See Similar DealsMultiFamily
Sold 08/21/2023
+ 2
Summary
CONNECTICUT
Asset Type:MultiFamily
Transaction Type:Sale
Camber Property Group has acquired Oakland Heights Apartments, a 106-unit affordable housing community in Manchester, Connecticut, for $23 million. The property is located at 360 Oakland Street and offers a total of 106 units. The purchase price equates to approximately $216,981 per unit.
Summary of transaction details
- Property Type: MultiFamily
- Transaction Amount: $23,000,000
- Address: 360 Oakland Street, Manchester, CT
- Market: Manchester, CT
Alex Hernandez, Chuck Kohaut, Jason Blankfein, John Alascio, and TJ Sullivan from Cushman & Wakefield served as the mortgage brokers for the deal. Greystone provided the financing for the acquisition.
Players
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,226,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$81,714.15
Cash-on-Cash Return-1.27%
Monthly Debt Service$109,031.73
Annual Debt Service$1,308,380.81
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