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Terry Considine Of Apartment Income REIT Acquires Multifamily Asset In Boston For $123.4M
SOLD
$123,400,000
Massachusetts
See Similar DealsMultiFamily
Sold 10/14/2024
SOLD
Terry Considine Of Apartment Income REIT Acquires Multifamily Asset In Boston For $123.4M
99 Kneeland Street
See Similar DealsMultiFamily
Sold 10/14/2024
Summary
MASSACHUSETTS
Asset Type:MultiFamily
Transaction Type:Sale
The property asset involved in this transaction is a multifamily building located at 99 Kneeland Street in Boston, MA. It was sold for a price of $123,400,000 and comprises 217 units, yielding a price per unit of $568,664.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $123,400,000
- Units: 217
- Price Per Unit: $568,664
- Buyer: Terry Considine - Apartment Income REIT
- Seller: Cathy Marcus & Raimondo Amabile - PGIM Real Estate
The deal was characterized by the acquisition of The Tower at One Greenway in Boston's Chinatown, with Apartment Income REIT (AIR) acquiring the property from PGIM Real Estate, which had previously purchased it for $144.5M in 2017.
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,581,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$438,414.14
Cash-on-Cash Return-1.27%
Monthly Debt Service$584,978.96
Annual Debt Service$7,019,747.47
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