Colony Hills Capital Acquires Plainsboro Multifamily From KRE - Murry Kushner For $115M
SOLD
$115,000,000
+ 1
New Jersey
See Similar DealsMultiFamily338,760 SF
Sold 07/25/2023
SOLD
Colony Hills Capital Acquires Plainsboro Multifamily From KRE - Murry Kushner For $115M
2821 Pheasant Hollow Dr Plainsbor
See Similar DealsMultiFamily338,760 SF
Sold 07/25/2023
+ 1
Summary
NEW JERSEY
Asset Type:MultiFamily
Price Per Square Foot:$339
Total Square Footage:338,760 SF
Transaction Type:Sale
The multifamily property located at 2821 Pheasant Hollow Drive in Plainsboro, NJ was recently sold. The property consists of 440 units with a total sale price of $115,000,000. This translates to a per unit price of $261,364. The property spans a total square footage of 338,760, resulting in a price per square foot of $339.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $115,000,000
- Address: 2821 Pheasant Hollow Drive, Plainsboro, NJ
- Number of Units: 440
- Price per Unit: $261,364
- Total Square Footage: 338,760
- Price per Square Foot: $339
The buyer of the property is Colony Hills Capital, while the seller is KRE - Murry Kushner. The deal was facilitated by brokers Allan Szlafrok, Eli Maryl, Ohad Babo, and Michael Weiser of GFI Realty Services.
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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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