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David Oakley Of Oakley Group Acquires Multifamily Properties In Tuscumbia And Florence For $9.25M
SOLD
$9,250,000
Alabama
See Similar DealsMultiFamily
Sold 03/04/2025
SOLD
David Oakley Of Oakley Group Acquires Multifamily Properties In Tuscumbia And Florence For $9.25M
107 Harrison Drive, 103 Meadow Place Florence & 103 Meadow Pl
See Similar DealsMultiFamily
Sold 03/04/2025
Summary
ALABAMA
Asset Type:MultiFamily
Transaction Type:Sale
This transaction involves the acquisition of two multifamily properties located at 107 Harrison Drive and 103 Meadow Pl in Tuscumbia and Florence, AL. The properties consist of a total of 120 units and were sold for a combined price of $9,250,000, resulting in a price per unit of $77,083.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $9,250,000
- Buyer: David Oakley - Oakley Group
- Seller: SRT Inc & Harvest Hills-Breckenbridge LLC
- Units: 120
- Price Per Unit: $77,083
- Market: Tuscumbia & Florence, AL
David Oakley, representing Oakley Group, has acquired the two multifamily assets with plans for rebranding and renovations, specifically The Meadows in Florence and Breckenridge Apartments in Tuscumbia.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$493,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$32,863.31
Cash-on-Cash Return-1.27%
Monthly Debt Service$43,849.72
Annual Debt Service$526,196.63
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