Spirit Investment Partners & The Bascom Group Acquire Multifamily Property In Evanston, Ill For $49.1M
SOLD
$49,100,000
Illinois
See Similar DealsMultiFamily1,238 SF
Sold 07/27/2020
SOLD
Spirit Investment Partners & The Bascom Group Acquire Multifamily Property In Evanston, Ill For $49.1M
415 Chicago Avenue, Evanston, Illinois, USA
See Similar DealsMultiFamily1,238 SF
Sold 07/27/2020
Summary
ILLINOIS
Asset Type:MultiFamily
Price Per Square Foot:$39,660
Total Square Footage:1,238 SF
Transaction Type:Sale
Located at 415 Howard St. in Evanston, Illinois, this recently closed property transaction involved a multifamily asset. The sale was facilitated by Dan Cohen of CBRE.
Summary of transaction details
- Property Type: Multifamily
- Sale Price: $49,100,000
- Number of Units: 221
- Price Per Unit: $222,172
- Buyer: Spirit Investment Partners & The Bascom Group
- Seller: Crescent Real Estate
The acquisition was made by a joint venture between Spirit Investment Partners and The Bascom Group. The seller, Crescent Real Estate, successfully closed the deal with the assistance of their broker representative, Dan Cohen of CBRE.
Players
BUYER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,618,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$174,441.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$232,759.05
Annual Debt Service$2,793,108.60
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