Updated Dec 4, 2024
PTLA Corp Acquires Four Student Housing Properties In Bellingham, WA For $33.45M
2110 Bill Mcdonald Parkway, 2300 Bill Mcdonald Parkway, 2115 Taylor Avenue & 2401 Taylor Avenue
$33,450,000
Units
145
Asset Type
Student Housing
Closing
Sep 27, 2023
About this deal
AI
PTLA Corp., based in Walnut Creek, California, has acquired four student-housing properties in Bellingham, Washington, for a total of $35.45 million. The properties consist of a total of 145 units and are located at 2110 Bill Mcdonald Parkway, 2300 Bill Mcdonald Parkway, 2115 Taylor Avenue, and 2401 Taylor Avenue.
Summary of transation details
- Property Type: Student Housing
- Transaction Amount: $35.45 million
- Units: 145
- Price Per Unit (PPU): $230,690
- Buyer: Gary V. Guarisco - PTLA Corp
- Seller: Travis Andrews - 11 Capital
- Broker: Berkadia
The buyer, Gary V. Guarisco, representing PTLA Corp, completed the acquisition of the student-housing properties in Bellingham. The seller, Travis Andrews, was represented by 11 Capital. This transaction marks a significant investment in the Bellingham market and showcases PTLA Corp's expansion in the student housing sector.
Players
Bellingham Student Housing Market Snapshot
Boundary boundary · Student Housing · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.47%
Cash-on-Cash
-0.14%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93