Updated Oct 28, 2024
Cardinal Capital Properties Acquires Fort Myers Multifamily For $122.2M
1601 Red Cedar Drive, Fort Myers, Florida 33907, United States
$122,200,000
$137/SF
Building Size
892,000 SF
Asset Type
MultiFamily
Closing
Mar 22, 2022
About this deal
AI
The multifamily property located at 1601 Red Cedar Dr in Fort Myers has been sold in a transaction involving Cardinal Capital Properties as the buyer and Lurin Capital as the seller. The sale, facilitated by broker Matt Simmons from Maxwell, Hendry & Simmons, took place on 03/23/2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $122,200,000
- Address: 1601 Red Cedar Dr, Fort Myers
- Market: Fort Myers
- Units: 936
- Price Per Unit: $130,556
- Buyer: Cardinal Capital Properties
- Seller: Lurin Capital
- Broker: Matt Simmons - Maxwell, Hendry & Simmons
The transaction involved a sale price of $122,200,000 for the multifamily property, which consists of 936 units. Cardinal Capital Properties acquired the property from Lurin Capital, with the assistance of broker Matt Simmons from Maxwell, Hendry & Simmons.
Players
Fort Myers MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93