California Public Employees' Retirement System & Pacific Urban Residential Acquire Multifamily Property In Salem, MA For $115M
SOLD
$115,000,000
Massachusetts
See Similar DealsMultiFamily8,151,538 SF
Sold 01/08/2021
SOLD
California Public Employees' Retirement System & Pacific Urban Residential Acquire Multifamily Property In Salem, MA For $115M
190 Bridge Street, Salem, MA, USA
See Similar DealsMultiFamily8,151,538 SF
Sold 01/08/2021
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Price Per Square Foot:$14
Total Square Footage:8,151,538 SF
Transaction Type:Sale
The multifamily property located at 190 Bridge Street in Salem, MA has been sold. The property consists of 266 units and was purchased by California Public Employees' Retirement System & Pacific Urban Residential for a total sale price of $115,000,000. This translates to an average price per unit of $432,331.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $115,000,000
- Units: 266
- Price per Unit: $432,331
Al Pace represented the buyer, California Public Employees' Retirement System, and Pacific Urban Residential in this transaction.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,133,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$408,570.72
Cash-on-Cash Return-1.27%
Monthly Debt Service$545,158.67
Annual Debt Service$6,541,904.04
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