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Paredim Partners Acquires Centennial Apartments In Farmington For $18.8M
SOLD
$18,800,000
Connecticut
See Similar DealsMultiFamily
Sold 10/23/2023
SOLD
Paredim Partners Acquires Centennial Apartments In Farmington For $18.8M
5 Spring Lane
See Similar DealsMultiFamily
Sold 10/23/2023
Summary
CONNECTICUT
Asset Type:MultiFamily
Transaction Type:Sale
The Centennial Apartments, a 101-unit multifamily property located at 5 Spring Lane in Farmington, Connecticut, has been sold for a total of $18.8 million. The sale price equates to approximately $186,138 per unit.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $18,800,000
- Address: 5 Spring Lane, Farmington, Connecticut
- Market: Hartford, CT
- Buyer: David Parisier - Paredim Partners
- Seller: Kevin Chance - Mystic Property Management Inc
- Units: 101
- Price Per Unit (PPU): $186,139
Paredim Partners, represented by David Parisier, has acquired the Centennial Apartments from Kevin Chance, who was represented by Mystic Property Management Inc. This transaction marks a significant investment in the Farmington, Connecticut real estate market.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,002,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$66,792.42
Cash-on-Cash Return-1.27%
Monthly Debt Service$89,121.59
Annual Debt Service$1,069,459.10
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