Whitestone Capital Acquires Student Housing In Tallahassee For $8.1M
SOLD
$8,100,000
Florida
See Similar DealsSold 11/03/2022
SOLD
Whitestone Capital Acquires Student Housing In Tallahassee For $8.1M
400 Putnam Drive, Tallahassee, Florida 32301, United States
See Similar DealsSold 11/03/2022
Summary
FLORIDA
Transaction Type:Sale
The student housing property located at 400 Putman Drive in Tallahassee has been sold for a total of $8,100,000. The transaction took place on 11/03/2022 and involved a total of 80 units with a price per unit (PPU) of $101,250. The property consists of 320 beds, resulting in a price per bed (PPB) of $25,313.
Summary of transaction details
- Property Type: Student Housing
- Transaction Amount: $8,100,000
- Address: 400 Putman Drive, Tallahassee
- Units: 80
- Price Per Unit (PPU): $101,250
- Beds: 320
- Price Per Bed (PPB): $25,313
The buyer of the property is Whitestone Capital, while the seller is The Rosdev Group. The deal was facilitated by Benjamin Skinner and Matthew Prozzillo from Marcus & Millichap acting as the brokers in the transaction.
Players
BUYER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$432,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$28,777.59
Cash-on-Cash Return-1.27%
Monthly Debt Service$38,398.13
Annual Debt Service$460,777.59
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