River View Apartments LLC Acquires Property From Axonic Properties For $31 Million With Franklin Street Brokers
5659 Del Prado Dr, Tampa, FL, 33617
$31,000,000
Building Size
—
Asset Type
—
Closing
Nov 19, 2023
About this deal
AI
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:
- Property Type: Sale
- Transaction Amount: $31,000,000.00
- Address: 5659 Del Prado Dr, Tampa, FL, 33617
- Market: Tampa
- Buyer: River View Apartments LLC
- Seller: Axonic Properties
- Buyer's Representative: Kevin Kelleher - Franklin Street
- Seller's Representative: Darron Kattan - Franklin Street
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
Tampa CRE Market Snapshot
Boundary boundary · CRE · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.51%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93