Creative Realty Partners Acquires MultiFamily Property In Tampa For $26.7M
SOLD
$26,700,000
Florida
See Similar DealsMultiFamily
SOLD
Creative Realty Partners Acquires MultiFamily Property In Tampa For $26.7M
13835 Heritage Club Dr, Tampa, FL, 3...
See Similar DealsMultiFamily
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
The St. Moritz Apartments, a 168-unit multifamily property in Tampa, was sold for $26,700,000.00. The townhome apartment community, built in 1984, offers amenities like a swimming pool, large pool deck, a business center, private garages, a clubhouse, and a fitness center. It is located at 13835 Heritage Club Dr, Tampa, FL.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $26,700,000.00
- Buyer: Creative Realty Partners
- Buyer's Representative: Michael Cregan (CBRE)
- Seller: TG Realty
Frank Carriera, Michael Regan, and Cameron Barbas of CBRE represented both the buyer, Creative Realty Partners, and the seller, TG Realty, in the transaction. Additionally, Jonathan Singer from Strategic Funding secured the loan for the buyer.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,423,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$94,859.47
Cash-on-Cash Return-1.27%
Monthly Debt Service$126,571.62
Annual Debt Service$1,518,859.46
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