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Cardinal Capital Properties Acquires Fort Myers Multifamily For $122.2M

Property Image
SOLD
$122,200,000

Florida

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MultiFamily892,000 SF
Sold 03/23/2022
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Property Image
SOLD

Cardinal Capital Properties Acquires Fort Myers Multifamily For $122.2M

1601 Red Cedar Drive, Fort Myers, Florida 33907, United States

See Similar Deals
MultiFamily892,000 SF
Sold 03/23/2022
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$137
Total Square Footage:892,000 SF
Transaction Type:Sale

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

Matt Simmons
Matt Simmons
2 deals$174.2M volume
BROKER
LC
Lurin Capital
SELLER

Details

SOLD
IMAGE: Matt Simmons DATE: 03/23/2022 ADDRESS: 1601 Red Cedar Dr MARKET: Fort Myers ASSET TYPE: Multifamily BUYER: Cardinal Capital Properties SELLER: Lurin Capital BROKER: Matt Simmons - Maxwell, Hendry & Simmons SALE PRICE: $122,200,000 UNITS: 936 ~ PPU: $130,556

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Operating Expenses (Annual)
Net Operating Income (NOI)

$6,517,333.32

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$434,150.80
Cash-on-Cash Return-1.27%
Monthly Debt Service$579,290.34
Annual Debt Service$6,951,484.12