Sunstone Properties Trust Acquires Multifamily Property In Tampa For $59M
SOLD
$59,000,000
+ 3
Florida
See Similar DealsMultiFamily5,720 SF
Sold 01/11/2021
SOLD
Sunstone Properties Trust Acquires Multifamily Property In Tampa For $59M
12702 University Club Drive, Tampa, FL, USA
See Similar DealsMultiFamily5,720 SF
Sold 01/11/2021
+ 3
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$10,314
Total Square Footage:5,720 SF
Transaction Type:Sale
The multifamily property located at 12702 University Club Drive in Tampa was recently sold for $59,000,000. The property consists of 536 units, with an average price per unit (PPU) of $110,075. The transaction took place on January 11, 2021.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $59,000,000
- Address: 12702 University Club Drive
- Market: Tampa
- Units: 536
- Price Per Unit (PPU): $110,075
The buyer of the property was Sunstone Properties Trust, while the seller was The RADCO Companies, represented by Norman Radow. The transaction was facilitated by brokers Patrick Dufour, Ryan Moody, Ryan Crowley, Andrew Visnick, and Pibu Aulakh from Newmark.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,146,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$209,614.55
Cash-on-Cash Return-1.27%
Monthly Debt Service$279,690.10
Annual Debt Service$3,356,281.20
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