Insight Property Group Acquires Reston Multifamily For $72M
SOLD
$72,000,000
Virginia
See Similar DealsMultiFamily
Sold 11/03/2022
SOLD
Insight Property Group Acquires Reston Multifamily For $72M
11012 Becontree Lake Drive, Reston, Virginia 20190, United States
See Similar DealsMultiFamily
Sold 11/03/2022
Summary
VIRGINIA
Asset Type:MultiFamily
Transaction Type:Sale
A multifamily property located at 11012 Becontree Lake Drive in Reston, VA, has been sold for a transaction amount of $72,000,000. The property comprises 259 units, with a price per unit of $277,992. The seller, Penzance Management, completed the sale to the buyer, Insight Property Group, in partnership with Tim White and AHC Inc. The transaction was facilitated by the brokerage firm CBRE.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $72,000,000
- Address: 11012 Becontree Lake Drive, Reston, VA
- Market: Reston, VA
- Buyer: Insight Property Group - Tim White & AHC Inc
- Seller: Penzance Management
- Broker: CBRE
- Units: 259
- Price Per Unit: $277,992
Insight Property Group, in collaboration with Tim White and AHC Inc, acted as the buyer in this transaction. Penzance Management, the seller, successfully completed the sale of the multifamily property. CBRE, a leading brokerage firm, facilitated the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,840,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$255,800.79
Cash-on-Cash Return-1.27%
Monthly Debt Service$341,316.73
Annual Debt Service$4,095,800.79
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