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The Praedium Group Acquires Livano Uptown Multifamily In Thonotosassa For $83.8M
SOLD
$83,800,000
Florida
See Similar DealsMultiFamily
Sold 08/18/2023
SOLD
The Praedium Group Acquires Livano Uptown Multifamily In Thonotosassa For $83.8M
11810 Uptown Walker Pl
See Similar DealsMultiFamily
Sold 08/18/2023
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
The Praedium Group has acquired the 292-unit luxury multifamily community Livano Uptown in Thonotosassa, Florida, for $83.8 million. The property, now known as Tessa Springs, is situated at 11810 Uptown Walker Place and spans an area of 32 acres. The community offers a range of amenities, including a pool and fitness center. Tessa Springs is conveniently located 15 miles from downtown Tampa and is in close proximity to the Tampa Innovation District, which is currently undergoing significant development.
Summary of Transaction Details
- Property Type: Multifamily
- Sale Price: $83,800,000
- Units: 292
- Price per Unit: $286,986
- Address: 11810 Uptown Walker Place
- Market: Thonotosassa
- Acres: 32
The Praedium Group, represented by Chris Hughes, purchased the property from LIV Development. This acquisition further expands The Praedium Group's portfolio and highlights their continued investment in the Florida real estate market.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,469,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$297,723.71
Cash-on-Cash Return-1.27%
Monthly Debt Service$397,254.75
Annual Debt Service$4,767,057.03
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