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River View Apartments LLC Acquires Property From Axonic Properties For $31 Million With Franklin Street Brokers

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SOLD
$31,000,000

Florida

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SOLD

River View Apartments LLC Acquires Property From Axonic Properties For $31 Million With Franklin Street Brokers

5659 Del Prado Dr, Tampa, FL, 33617

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Summary

FLORIDA
Transaction Type:Sale

The property asset involved in this transaction is located at 5659 Del Prado Dr, Tampa, FL, 33617. The buyer, River View Apartments LLC, acquired the property for $31,000,000.00. The transaction was noted to have a square footage of 0, indicating a unique property characteristic within the Tampa market.

Summary of transaction details:

The transaction was facilitated by Kevin Kelleher and Darron Kattan, both of whom are affiliated with Franklin Street. This deal marks a significant interaction between River View Apartments LLC and Axonic Properties, indicating a collaborative effort by representatives in the market.

Players

Darron Kattan
15 deals$376M volume
BROKER

Kevin Kelleher
4 deals$49.5M volume(813) 375-1819
BROKER

Axonic Properties
SELLER

Details

SOLD
IMAGE: 5659 Del Prado Dr, Tampa, FL, 33617 MARKET: Tampa BUYER'S REP: Kevin Kelleher-Franklin Street SELLER'S REP: Darron Kattan-Franklin Street BUYER: River View Apartments LLC SELLER: Axonic Properties PRICE: $31,000,000.00 SF: 0

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,653,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$110,136.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$146,955.82
Annual Debt Service$1,763,469.79