Abacus Capital Group Acquires Miramar Multifamily For $124M From Seller Global Securitization Services
SOLD
$124,000,000
Florida
See Similar DealsMultiFamily103,275 SF
Sold 12/14/2020
SOLD
Abacus Capital Group Acquires Miramar Multifamily For $124M From Seller Global Securitization Services
11571 Canal Street, Miramar, FL, USA
See Similar DealsMultiFamily103,275 SF
Sold 12/14/2020
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$1,200
Total Square Footage:103,275 SF
Transaction Type:Sale
The multifamily property located at 11571 Canal Street & 11750 Canal Street in Miramar has been sold in a recent transaction. The sale was finalized on 12/14/2020, and the property was acquired by Abacus Capital Group, represented by Ben Friedman. The seller, Global Securitization Services, was represented by Kevin Burns.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $124,000,000
- Address: 11571 Canal Street & 11750 Canal Street, Miramar
- Market: Miramar
The transaction involved a total of 184 units, with a per unit price of $673,913.
Ben Friedman, from Abacus Capital Group, played a key role as the buyer in this deal. On the sell side, Kevin Burns represented Global Securitization Services. The transaction marked a significant milestone in the property's history and showcased the involvement of these industry professionals.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,613,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$440,545.82
Cash-on-Cash Return-1.27%
Monthly Debt Service$587,823.26
Annual Debt Service$7,053,879.14
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