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Cortland Acquires Multifamily Asset In Kendall, FL For $99M

Property Image
SOLD
$99,000,000
Luca Victoria
Ted Taylor
Simon Banke
+ 4

Florida

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MultiFamily302,736 SF
Sold 09/30/2021
the dealplayerscompscontact
Property Image
SOLD

Cortland Acquires Multifamily Asset In Kendall, FL For $99M

15000 SW 104th St, Kendall, Florida, USA

See Similar Deals
MultiFamily302,736 SF
Sold 09/30/2021
Luca Victoria
Ted Taylor
Simon Banke
+ 4
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$327
Total Square Footage:302,736 SF
Transaction Type:Sale

The multifamily property located at 15000 SW 104th St in Kendall, FL has been sold in a recent transaction. The sale was finalized on 09/30/2021.

Summary of transaction details:

  • Property Type: Multifamily
  • Sale Price: $99,000,000
  • Square Footage: 302,736
  • Number of Units: 424
  • Price Per Square Foot: $327
  • Price Per Unit: $233
  • Market: Kendall, FL

Cortland, represented by Steven DeFrancis, acquired the property from American Landmark Apartments, with Joe Lubeck representing the seller. The sale was facilitated by brokers Maurice Habif, Simon Banke, Jo Rousseau, Luca Victoria, and Ted Taylor from JLL.

Players

Maurice Habif
JLL
Maurice Habif
19 deals$1B volume
BROKER
Simon Banke
JLL
Simon Banke
26 deals$1.4B volume
BROKER
Jo Rousseau
JLL
Jo Rousseau
6 deals$429.1M volume
BROKER
Ted Taylor
JLL
Ted Taylor
11 deals$719.2M volume
BROKER
Luca Victoria
JLL
Luca Victoria
8 deals$364.3M volume
BROKER
Steven DeFrancis
Cortland
Steven DeFrancis
15 deals$1.6B volume
BUYER
Joe Lubeck
American Landmark Apartments
Joe Lubeck
11 deals$563M volume
SELLER

Details

SOLD
IMAGE: Simon Banke, Jo Rousseau, Ted Taylor & Maurice Habif DATE: 09/30/2021 ADDRESS: 15000 SW 104th St MARKET: Kendall, FL ASSET TYPE: Multifamily BUYER: Cortland - Steven DeFrancis SELLER: American Landmark Apartments - Joe Lubeck BROKERS: Maurice Habif, Simon Banke, Jo Rousseau, Luca Victoria & Ted Taylor - JLL SALE PRICE: $99,000,000 SF: 302,736 ~ PPSF: $327 UNITS: 424 ~ PPU: $233

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$5,280,000.00

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$351,726.09
Cash-on-Cash Return-1.27%
Monthly Debt Service$469,310.51
Annual Debt Service$5,631,726.09