Friedkin Property Group Acquires Multifamily Asset In Evanston, IL From Barings For $65M
SOLD
$65,000,000
Illinois
See Similar DealsMultiFamily1,445 SF
Sold 11/10/2021
SOLD
Friedkin Property Group Acquires Multifamily Asset In Evanston, IL From Barings For $65M
1930 Ridge Avenue, Evanston, IL, USA
See Similar DealsMultiFamily1,445 SF
Sold 11/10/2021
Summary
ILLINOIS
Asset Type:MultiFamily
Price Per Square Foot:$44,982
Total Square Footage:1,445 SF
Transaction Type:Sale
The 193-unit multifamily property located at 1930 Ridge Ave in Evanston, Il has been sold for $65,000,000. The sale was facilitated by Berkadia Institutional Solutions acting as the broker in the transaction. The buyer, Friedkin Property Group, represented by David Friedkin, acquired the property from the seller, Barings.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $65,000,000
- Address: 1930 Ridge Ave
- Market: Evanston, Il
The buyer, Friedkin Property Group led by David Friedkin, successfully purchased the property in the deal. Barings acted as the seller. The property, consisting of 193 units, was acquired at a price per unit of $336,788.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,466,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$230,931.27
Cash-on-Cash Return-1.27%
Monthly Debt Service$308,133.16
Annual Debt Service$3,697,597.94
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