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Axonic Properties Acquires 1,067-Bed Student Housing In Tampa For $83.5M

Property Image
SOLD
$83,500,000

Florida

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MultiFamily476,702 SF
Sold 04/07/2022
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Property Image
SOLD

Axonic Properties Acquires 1,067-Bed Student Housing In Tampa For $83.5M

15115 Livingston Ave, Lutz, Florida 33559, United States

See Similar Deals
MultiFamily476,702 SF
Sold 04/07/2022
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$175
Total Square Footage:476,702 SF
Transaction Type:Sale

Jonathan Shechtman represented Axonic Properties as the buyer in the sale of the student housing located at 15115 Livingston Ave in Tampa. The property spans across 41.9 acres and comprises 1,067 beds. The transaction was completed on 04/07/2022.

Summary of transaction details

  • Property Type: Student Housing
  • Transaction Amount: $83,500,000
  • Address: 15115 Livingston Ave, Tampa
  • Market: Tampa
  • Beds: 1,067
  • Acres: 41.9

Axonic Properties secured financing for the acquisition from keybank-''>keybank-''>keybank-''>KeyBank. The seller in this transaction was Coastal Ridge Real Estate & Heitman LLC. TSB Realty acted as the broker in the deal. The property consists of 312 units, resulting in a price per unit of $267,628.

Players

Jonathan Shechtman
Axonic Properties
Jonathan Shechtman
17 deals$503.1M volume
BUYER
HL
Heitman LLC
SELLER
KeyBank
KeyBank
LENDER

Details

SOLD
IMAGE: Jonathan Shechtman DATE: 04/07/2022 ADDRESS: 15115 Livingston Ave MARKET: Tampa ASSET TYPE: Student Housing ~ BEDS: 1,067 ~ ACRES: 41.9 BUYER: Axonic Properties - Jonathan Shechtman SELLER: Coastal Ridge Real Estate & Heitman LLC BROKER: TSB Realty LENDER: KeyBank (@KeyBank) SALE PRICE: $83,500,000 UNITS: 312 ~ PPU: $267,628

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Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$296,657.87
Cash-on-Cash Return-1.27%
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