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Cory Reiter Acquires Multifamily Asset From Cristobal Gil In Miami For $5.4M

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SOLD
$5,400,000

Florida

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MultiFamily53,790 SF
Sold 10/29/2024
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SOLD

Cory Reiter Acquires Multifamily Asset From Cristobal Gil In Miami For $5.4M

11505 Northwest 22nd Avenue

See Similar Deals
MultiFamily53,790 SF
Sold 10/29/2024
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$100
Total Square Footage:53,790 SF
Transaction Type:Sale

The property asset involved in this transaction is Westview Village Apartments, located at 11505 Northwest 22nd Avenue in Miami, Florida. The multifamily property consists of 40 units, with a sale price of $5,400,000. The total square footage is 53,790, resulting in a price per unit of $135,000 and a price per square foot of $100.

Summary of transaction details:

  • Property Type: Multifamily
  • Transaction Amount: $5,400,000
  • Units: 40
  • Square Footage: 53,790
  • Price Per Unit: $135,000
  • Price Per Square Foot: $100
  • Buyer: Cory Reiter
  • Seller: Cristobal Gil
  • Brokers: Sam Mekras & Deme Mekras - MSP Group

The transaction was facilitated by MSP Group, with Deme Mekras representing the seller and Sam Mekras representing the buyer. The sale of Westview Village Apartments was part of a larger portfolio deal, consisting of three properties, with a total portfolio value of $21,000,000. All property sales were contingent on one another for a simultaneous closing.

Players

Deme Mekras
32 deals$270.5M volume(786) 208-2684
BROKER

Sam  Mekras
MSP Group
33 deals$101.8M volume(786) 417-3709
BROKER

Details

SOLD
IMAGE: Deme Mekras & Sam Mekras DATE: 10/29/2024 ADDRESS: 11505 Northwest 22nd Avenue MARKET: Miami ASSET TYPE: Multifamily BUYER: Cory Reiter SELLER: Cristobal Gil BROKERS: Sam Mekras (@Sam_Mekras_MSPGroupLLC) & Deme Mekras - MSP Group (@MSPGroup_LLC) SALE PRICE: $5,400,000 UNITS: 40 ~ PPU: $135,000 SF: 53,790 ~ PPSF: $100 NOTE FROM BROKER: MSP Group is proud to announce the closing of Westview Village Apartments, located at 11505 NW 22nd Avenue in Miami, Florida. MSP Group acted as the transaction broker for the closing, with Deme Mekras representing the seller and Sam Mekras representing the buyer. This property was sold as 1 of 3 pieces in a larger portfolio deal, where all the property sales were contingent on one another on a simultaneous closing. The portfolio value was $21,000,000. If you are looking to buy or sell multifamily properties in South Florida please reach out to us or visit us at www.mspgroup.com.

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

$288,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$19,185.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$25,598.75
Annual Debt Service$307,185.06