Pacific Urban Residential & California Public Employees' Retirement System Acquires Multifamily Property In Danvers, MA For $106.3M
SOLD
$106,300,000
Massachusetts
See Similar DealsMultiFamily568,022 SF
Sold 11/16/2021
SOLD
Pacific Urban Residential & California Public Employees' Retirement System Acquires Multifamily Property In Danvers, MA For $106.3M
180 Newbury Street, Danvers, Massachusetts, USA
See Similar DealsMultiFamily568,022 SF
Sold 11/16/2021
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$187
Total Square Footage:568,022 SF
Transaction Type:Sale
A multifamily property located at 180 Newbury St in Danvers, MA has been sold for a total of $106,300,000. The property consists of 258 units, with each unit being sold at an average price of $412,016.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $106,300,000
- Address: 180 Newbury St, Danvers, MA
- Market: Danvers, MA
- Buyer: Pacific Urban Residential & California Public Employees' Retirement System - Al Pace
- Units: 258
- Price per Unit: $412,016
The acquisition of this multifamily property was made by Pacific Urban Residential and the California Public Employees' Retirement System, represented by Al Pace.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,669,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$377,661.46
Cash-on-Cash Return-1.27%
Monthly Debt Service$503,916.23
Annual Debt Service$6,046,994.78
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