Daniel Katz Of Katz Properties Acquires Multifamily Asset In Davenport From Bob Faith For $70M
1311 Elan Dr
$70,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Jan 13, 2026
AI
The Ridge at Champions is a multifamily community located at 1311 Elan Drive in the Davenport market. The property encompasses 19 acres and includes 330 units, completed in 2023. The sale price of the asset was $70 million, with the price per unit calculated at $212,121. The development features amenities including a pool, fitness center, outdoor kitchen, clubhouse, and EV charging stations.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $70,000,000
- Buyer: Daniel Katz - Katz Properties
- Seller: Bob Faith - Greystar
- Lender: United Omaha Life Insurance
- Units: 330
- Acreage: 19
- Price per Unit: $212,121
The transaction was facilitated by the lender, United Omaha Life Insurance, which provided a $38.5 million acquisition loan to Katz Properties. Bob Faith represented Greystar in the sale of the asset to Daniel Katz.
Players
Davenport MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.23%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93