Interstate Equities buys Hercules, Calif. apartments for $83.5M
JLL represented seller Hercules Development Partners and arranged a $54.275 million five-year Freddie Mac acquisition loan.
At a glance
Interstate Equities Corp. acquired The Dylan, a 232-unit apartment community at 2200 John Muir Parkway in Hercules, Calif., for $83.5 million, IREI reported.
JLL represented the seller, Hercules Development Partners, and arranged a $54.275 million five-year acquisition loan through Freddie Mac.
The building was completed in 2022 and holds 217 market-rate units and 15 below-market-rate units across five stories.
Interstate Equities Corp. acquired The Dylan, a 232-unit apartment community at 2200 John Muir Parkway in Hercules, Calif., for $83.5 million, IREI reported.
JLL represented the seller, Hercules Development Partners, and arranged a $54.275 million five-year acquisition loan through Freddie Mac.
The building was completed in 2022 and holds 217 market-rate units and 15 below-market-rate units across five stories. Units run from studios to two-bedrooms and average 804 square feet.
The $83.5 million price works out to about $360,000 a unit. The $54.275 million Freddie Mac loan covers roughly 65% of the purchase price. The 15 below-market-rate units amount to just under 7% of the total.
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