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ARCO Real Estate Co. Acquires Riverside Townhomes In Gibraltar For $17.1M
SOLD
$17,100,000
Michigan
See Similar DealsMultiFamily
Sold
SOLD
ARCO Real Estate Co. Acquires Riverside Townhomes In Gibraltar For $17.1M
MultiFamily
Sold
Summary
Asset Type:MultiFamily
Transaction Type:Sale
The Riverside Townhomes in Gibraltar, a Detroit suburb, have been sold for $17.1 million. The property, located at 14221 Park Street, consists of 136 units. The transaction was handled by Peter Jankowski and Rich Deptula of Friedman Real Estate, representing both the buyer, ARCO Real Estate Co., and the undisclosed seller.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $17,100,000
- Units: 136
- Price per Unit: $125,735
- Market: Gibraltar, Michigan
- Buyer: ARCO Real Estate Co.
- Brokers: Peter Jankowski & Rich Deptula - Friedman Real Estate
ARCO Real Estate Co. acquired the Riverside Townhomes in Gibraltar for $17.1 million, with the transaction overseen by Peter Jankowski and Rich Deptula from Friedman Real Estate. The deal involved the representation of both the buyer and the undisclosed seller, adding to the success of the property sale.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$912,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$60,752.69
Cash-on-Cash Return-1.27%
Monthly Debt Service$81,062.72
Annual Debt Service$972,752.69
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