The mixed-use residential property consists of the 27 units, 10,900 sf of ground floor retail and a 16,500-sf parking garage. The combined property was sold for an average $314,815 per door or upward of $245 per sf.
The acquisition price translates to a capitalization rate of 6.4%, according to the seller. Occupancy at time of sale was not immediately available.
Arroyo & Coates acted as a joint advisor to the seller with Hill & Co. Arroyo & Coates' SVP Curtis Gardner and senior sales associate Craig Chiappone handled negotiations.
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