Snell Properties Acquires Multifamily Asset In Tampa For $136M
SOLD
Florida
See Similar DealsMultiFamily347,060 SF
Sold 11/18/2021
SOLD
Snell Properties Acquires Multifamily Asset In Tampa For $136M
1115 East Twiggs Street, Tampa, FL, USA
See Similar DealsMultiFamily347,060 SF
Sold 11/18/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$391
Total Square Footage:347,060 SF
Transaction Type:Sale
The multifamily property located at 1115 E Twiggs St in Tampa has been sold for a total price of $136,000,000. The property consists of 325 units, with an average price per unit of $418,462. The sale was completed on November 18, 2021, and the transaction involved the buyer, Snell Properties represented by Chris Hanessian and Michael Eastwood, and the seller, ECI Group and Mercury Advisors. The deal was facilitated by CBRE.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $136,000,000
- Units: 325
- Price per Unit: $418,462
The buyer, Snell Properties, was represented by Chris Hanessian and Michael Eastwood in the transaction. On the other hand, the seller of the property was ECI Group and Mercury Advisors. CBRE served as the broker for this sale, ensuring a smooth transfer of ownership for the multifamily property on E Twiggs St, Tampa.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$7,253,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$483,179.28
Cash-on-Cash Return-1.27%
Monthly Debt Service$644,709.38
Annual Debt Service$7,736,512.61
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