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2 Los Angeles Street

Criterion Development Partners Sells Modera Newton Multifamily In Newton MA For $114M
SOLDMultiFamily

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

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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