Updated Dec 4, 2024
Institutional Property Advisors Sells 333-Unit Multifamily Asset Eastpark In Denton Texas
2028 Laderal Lane
Units
333
Asset Type
MultiFamily
Closing
Oct 3, 2024
About this deal
AI
The asset involved in the transaction is a 333-unit multifamily property located at 2028 Laderal Lane, Denton, Texas, within an 11-acre site. The property, known as Eastpark, was built in 2022 and is part of the Rayzor Ranch mixed-use development. It recently achieved a 97% occupancy rate over the past year without concessions, emphasizing its demand in the market.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: Not specified
- Units: 333
- Acres: 11
- Market: Denton
The transaction was facilitated by Institutional Property Advisors (IPA), a division of Marcus & Millichap. The team representing the property included Cameron Purse, Drew Kile, Joey Tumminello, Michael Ware, Taylor Hill, and Will Balthrope. The representation was provided to an affiliate of Price Brothers, which was involved in the transaction.
On the Map
MultiFamily
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93