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Orchard Acres Apartments LLC Sells Multifamily Property In Storrs, CT For $12.5M

Property Image
SOLD
$12,500,000
Tom Boyle
Steve Pappas

Connecticut

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MultiFamily
Sold 08/05/2022
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Property Image
SOLD

Orchard Acres Apartments LLC Sells Multifamily Property In Storrs, CT For $12.5M

89 Cheney Dr, Storrs, Connecticut 06268, United States

See Similar Deals
MultiFamily
Sold 08/05/2022
Tom Boyle
Steve Pappas
the dealplayerscompscontact
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Summary

CONNECTICUT
Asset Type:MultiFamily
Transaction Type:Sale

Located at 89 Cheney Dr in Storrs, CT, this multifamily property was recently sold in a closed transaction. The sale was facilitated by Tom Boyle and Steve Pappas of Chozick Realty, representing Orchard Acres Apartments LLC. The property consists of 96 units, with a sale price of $12,500,000. This translates to a price per unit of $130,208.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $12,500,000
  • Units: 96
  • Price Per Unit: $130,208

Tom Boyle and Steve Pappas of Chozick Realty played a vital role in this transaction, representing both the buyer and the seller. With their expertise in the Storrs, CT market, they successfully facilitated the sale of Orchard Acres Apartments LLC.

Players

Steve Pappas
Chozick Realty
Steve Pappas
11 deals$82.3M volume
BROKER
Tom Boyle
Lee & Associates
Tom Boyle
13 deals$109.3M volume(773) 355-5079
BROKER

Details

SOLD
IMAGE: Steve Pappas & Tom Boyle DATE: 08/05/2022 ADDRESS: 89 Cheney Dr MARKET: Storrs, CT ASSET TYPE: Multifamily SELLER: Orchard Acres Apartments LLC BROKERS: Tom Boyle & Steve Pappas - Chozick Realty SALE PRICE: $12,500,000 UNITS: 96 ~ PPU: $130,208

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

$666,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$44,409.85
Cash-on-Cash Return-1.27%
Monthly Debt Service$59,256.38
Annual Debt Service$711,076.53