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Enterprise Community Development Acquires Multifamily Complex In Aspen Hill, MD For $75.8M
SOLD
$75,800,000
Maryland
See Similar DealsMultiFamily
Sold 06/26/2023
SOLD
Enterprise Community Development Acquires Multifamily Complex In Aspen Hill, MD For $75.8M
3214 Hewitt Avenue Aspen Hill, MD 20906, USA
See Similar DealsMultiFamily
Sold 06/26/2023
Summary
MARYLAND
Asset Type:MultiFamily
Transaction Type:Sale
Enterprise Community Development has acquired Westchester West Apartments, a 345-unit affordable multifamily complex located at 3214 Hewitt Avenue in Aspen Hill, Maryland. The property was sold for $75.8 million. The sale price equates to a per unit price of approximately $219,710.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $75,800,000
- Units: 345
- Market: Aspen Hill, MD
Christine Madigan, representing Enterprise Community Development, facilitated the acquisition of Westchester West Apartments.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,042,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$269,301.39
Cash-on-Cash Return-1.27%
Monthly Debt Service$359,330.67
Annual Debt Service$4,311,968.06
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