Covenant Capital Group Acquires St. Petersburg Multifamily For $55.3M
SOLD
$55,330,000
Florida
See Similar DealsMultiFamily338,192 SF
Sold 01/13/2021
SOLD
Covenant Capital Group Acquires St. Petersburg Multifamily For $55.3M
1699 68th Street North, St. Petersburg, FL, USA
See Similar DealsMultiFamily338,192 SF
Sold 01/13/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$163
Total Square Footage:338,192 SF
Transaction Type:Sale
1699 68th Street N., a multifamily property located in St. Petersburg, was recently sold in a transaction facilitated by Jason Stanton & Cole Whitaker of Berkadia. The property was acquired by Covenant Capital Group, LLC from GMC Properties for a price of $55,330,000. With a total of 477 units, the per unit price amounts to $115,996.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $55,330,000
- Units: 477
- Price per Unit: $115,996
- Address: 1699 68th Street N., St. Petersburg
- Market: St. Petersburg
- Buyer: Covenant Capital Group, LLC
- Seller: GMC Properties
- Brokers: Jason Stanton & Cole Whitaker - Berkadia
This transaction represents a significant investment in the St. Petersburg market, showcasing the continued demand for multifamily properties in the area. Covenant Capital Group, LLC, guided by their reputable brokers Jason Stanton & Cole Whitaker, seized the opportunity to expand their portfolio with the acquisition of 1699 68th Street N.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,950,933.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$196,575.82
Cash-on-Cash Return-1.27%
Monthly Debt Service$262,292.43
Annual Debt Service$3,147,509.14
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