Criterion Development Partners Sells Modera Newton Multifamily In Newton MA For $114M
2 Los Angeles Street
$114,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Nov 13, 2024
AI
Modera Newton, a multifamily property located at 2 Los Angeles Street in Newton, MA, was sold for $114,000,000. The asset comprises two buildings featuring a total of 204 units, along with retail space and amenities including a fitness center and golf simulators.
Summary of transation details:
- Property Type: Multifamily
- Transaction Amount: $114,000,000
- Units: 204
- Price Per Unit: $558,824
- Seller: W. Pretlow Riddick - Criterion Development Partners
- Buyer: Mill Creek Residential
W. Pretlow Riddick represented Criterion Development Partners in the transaction, facilitating the sale of the property to Mill Creek Residential, who now owns the Modera Newton multifamily development.
Players
Newton MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.14%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93