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Continental Realty Corporation Acquires Multifamily Asset From 29th Street Capital For $82M

Property Image
SOLD
$82,000,000
Matt Mitchell
Bryan Brown
+ 5

Florida

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MultiFamily315 SF
Sold 11/26/2024
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Property Image
SOLD

Continental Realty Corporation Acquires Multifamily Asset From 29th Street Capital For $82M

15350 Amberly Drive

See Similar Deals
MultiFamily315 SF
Sold 11/26/2024
Matt Mitchell
Bryan Brown
+ 5
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$260,317
Total Square Footage:315 SF
Transaction Type:Sale

The transaction involves a multifamily property located at 15350 Amberly Drive in the Tampa market. The sale price for this asset was $82,000,000, and the property comprises 315 units, resulting in a price per unit of $260,317. A loan amount of $52,515,000 was secured for this transaction, facilitated by Freddie Mac as the lender.

Summary of transaction details:

The key individuals involved in this transaction include Matt Mitchell, Jason Stanton, Chris Burtner, Tyler Swidler, and Brett Moss, who represented the brokers from Berkadia. The financing was arranged by mortgage brokers Mitch Sinberg, Scott Wadler, Jared Hill, and Bryan Brown, also from Berkadia, reflecting strong collaboration among these entities in the successful closure of the deal.

Players

Jason Stanton
12 deals$565.6M volume(727) 674-4097
BROKER

Mitch Sinberg
Berkadia
131 deals$8.3B volume(561) 609-4006
BROKER

Brett Moss
Berkadia
11 deals$912.8M volume
BROKER

Tyler Swidler
Berkadia
10 deals$812.2M volume
BROKER

Bryan Brown
Berkadia
7 deals$426M volume
BROKER

Scott Wadler
Berkadia
160 deals$9.8B volume
BROKER

Matt Mitchell
Berkadia
5 deals$515.5M volume
BROKER

Jared Hill
Berkadia
5 deals$242.3M volume
BROKER

Berkadia
BROKERAGE

Details

SOLD
IMAGE: Chris Burtner, Matt Mitchell, Jason Stanton, Tyler Swidler & Brett Moss DATE: 11/26/2024 ADDRESS: 15350 Amberly Drive MARKET: Tampa ASSET TYPE: Multifamily BUYER: Continental Realty Corporation (@CRCRealty) SELLER: 29th Street Capital BROKERS: Matt Mitchell, Jason Stanton, Chris Burtner, Tyler Swidler (@TSwid10) & Brett Moss - Berkadia (@Berkadia) LENDER: Freddie Mac (@FreddieMacCorp) MORTGAGE BROKERS: Mitch Sinberg (@TheJewishIceberg), Scott Wadler (@SWadler1), Jared Hill & Bryan Brown - Berkadia SALE PRICE: $82,000,000 UNITS: 315 ~ PPU: $260,317 LOAN AMOUNT: $52,515,000

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

$4,373,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$291,328.69
Cash-on-Cash Return-1.27%
Monthly Debt Service$388,721.83
Annual Debt Service$4,664,662.01