Avanti Residential Acquires Multifamily Property In St. Petersburg From Milhaus Development For $92M
SOLD
$92,000,000
Florida
See Similar DealsMultiFamily3,760 SF
Sold 12/08/2021
SOLD
Avanti Residential Acquires Multifamily Property In St. Petersburg From Milhaus Development For $92M
1661 Central Ave, St. Petersburg, FL, USA
See Similar DealsMultiFamily3,760 SF
Sold 12/08/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$24,468
Total Square Footage:3,760 SF
Transaction Type:Sale
The multifamily property located at 1661 Central Ave in St. Petersburg has been sold in a closed transaction. The property, consisting of 246 units, was purchased by Avanti Residential from the seller Milhaus Development. The transaction was facilitated by brokers Patrick Dufour and Andrew Visnick from Newmark. The sale price for the property was $92,000,000, resulting in a price per unit of $373,984.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $92,000,000
- Address: 1661 Central Ave, St. Petersburg
- Market: St. Petersburg
- Buyer: Avanti Residential
- Seller: Milhaus Development
- Brokers: Patrick Dufour & Andrew Visnick - Newmark
- Units: 246
- Price Per Unit: $373,984
Additionally, the mortgage for the transaction was arranged by Charlie Williams from Newmark.
Players
BUYER
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,906,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$326,856.56
Cash-on-Cash Return-1.27%
Monthly Debt Service$436,126.94
Annual Debt Service$5,233,523.23
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