Updated Oct 28, 2024
Bay Area LLC Acquires Multifamily In Redmond, WA For $79M
7001 Old Redmond Road, Redmond, Washington 98052, United States
$79,000,000
Units
192
Asset Type
MultiFamily
Closing
Oct 2, 2022
About this deal
AI
The multifamily property located at 7001 Old Redmond Rd in Redmond, WA has been sold in a closed transaction. The property consists of 192 units, with a price per unit (PPU) of $411,458. The sale took place on October 3, 2022, with Bay Area LLC acquiring the property from Gerson Bakar. The total sale price for the transaction was $79,000,000.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $79,000,000
- Address: 7001 Old Redmond Rd
- Market: Redmond, WA
- Buyer: Bay Area LLC
- Seller: Gerson Bakar
- Units: 192
- Price Per Unit: $411,458
This transaction involved the buyer Bay Area LLC and the seller Gerson Bakar. Both parties came to an agreement, resulting in a successful sale of the multifamily property. The property's location in Redmond, WA, further adds to its appeal and potential investment value. The negotiation process between the buyer and seller culminated in a sale price of $79,000,000, reflecting the market demand and value of the property.
Players
Redmond 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
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93