Vantage Point Acquisitions Acquires Fort Walton Beach Multifamily For $49.8M
SOLD
$49,800,000
Florida
See Similar DealsMultiFamily
Sold 03/19/2021
SOLD
Vantage Point Acquisitions Acquires Fort Walton Beach Multifamily For $49.8M
1500 Lewis Turner Blvd, Fort Walton Beach, FL, USA
See Similar DealsMultiFamily
Sold 03/19/2021
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 1500 Lewis Turner Blvd, 1792 Lewis St, and 1493 W Ponderosa Rd in Fort Walton Beach has been sold in a recent transaction. The property consists of 252 units and is part of the multifamily asset category. The sale was completed on March 19, 2021, with a total transaction amount of $49,800,000, resulting in a per unit price of $197,619.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $49,800,000
- Units: 252
- Price per Unit: $197,619
- Market: Fort Walton Beach
The buyer of the property is Vantage Point Acquisitions, while the seller is Fisher Development LLC. The deal was facilitated by brokers David Etchison and Cole Whitaker from Berkadia. They represented their respective parties in the transaction.
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Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,656,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$176,928.87
Cash-on-Cash Return-1.27%
Monthly Debt Service$236,077.41
Annual Debt Service$2,832,928.88
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