Air Communities Acquires Pembroke Pines Multifamily From Harbor Group International LLC For $222.7M
SOLD
$222,700,000
Florida
See Similar DealsMultiFamily552,359 SF
Sold 06/21/2020
SOLD
Air Communities Acquires Pembroke Pines Multifamily From Harbor Group International LLC For $222.7M
10170 Southwest 7th Street, Miami, FL 33174, USA
See Similar DealsMultiFamily552,359 SF
Sold 06/21/2020
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$403
Total Square Footage:552,359 SF
Transaction Type:Sale
An multifamily property located at 10170 SW 7th St in Pembroke Pines was recently sold for $222,700,000. The property consists of 700 units, with an average price per unit of $318,143.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $222,700,000
- Address: 10170 SW 7th St
- Market: Pembroke Pines
Air Communities, represented by Terry Considine, purchased the property from Harbor Group International LLC, represented by Jordan E. Slone and Richard Litton.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$11,877,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$791,206.07
Cash-on-Cash Return-1.27%
Monthly Debt Service$1,055,711.62
Annual Debt Service$12,668,539.39
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