Updated Oct 29, 2024
Beachwold Residential Acquires Live Grandscape Apartments In The Colony For $76M
5750 Grandscape Blvd The Colony, TX 75056, USA
Units
345
Asset Type
MultiFamily
Closing
Jun 21, 2023
About this deal
AI
Beachwold Residential, a New York investor, has purchased the Live Grandscape apartment tower in The Colony's Grandscape development. The 14-story rental community features 345 units and was financed with a $76 million loan from PGIM Real Estate.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $76 million
- Address: 5750 Grandscape Boulevard
- Market: The Colony
- Units: 345
The buyer of the Live Grandscape apartment tower is Beachwold Residential, represented by Gideon Friedman. The seller in this transaction is Lanoha Development Co. The broker involved in the deal is Northmarq Capital. Financing for the purchase was provided by PGIM Real Estate, with a loan amount of $76 million.
Players
Texas 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
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93