Preservation Of Affordable Housing Acquires 240-Unit Multifamily In Chicago For $29.5M
SOLD
$29,500,000
Illinois
See Similar DealsMultiFamily
Sold 07/01/2021
SOLD
Preservation Of Affordable Housing Acquires 240-Unit Multifamily In Chicago For $29.5M
6430 South Stony Island Avenue, Chicago, IL 60637, USA
See Similar DealsMultiFamily
Sold 07/01/2021
Summary
ILLINOIS
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 6430 S. Stony Island in Chicago was recently sold in a closed transaction. The property consists of 240 units and was sold for a total price of $29,500,000, resulting in an average price per unit of $122,917. The sale took place on July 1, 2021, and the buyer was Preservation of Affordable Housing (POAH), represented by Aaron Gornstein & Andrew Spofford. The seller in the transaction was PNC Bank.
Summary of transation details
- Property Type: Multifamily
- Transaction Amount: $29,500,000
- Address: 6430 S. Stony Island, Chicago
- Units: 240
- Price per Unit: $122,917
The buyer in the transaction, Preservation of Affordable Housing (POAH), was represented by Aaron Gornstein & Andrew Spofford. On the other hand, PNC Bank acted as the seller in the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,573,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$104,807.28
Cash-on-Cash Return-1.27%
Monthly Debt Service$139,845.05
Annual Debt Service$1,678,140.60
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