Eric Auslander's Morgan Properties Acquires 4,102-Unit Multifamily In Jacksonville For $648M
SOLD
$648,000,000
Florida
See Similar DealsMultiFamily3,892,798 SF
Sold 11/05/2021
SOLD
Eric Auslander's Morgan Properties Acquires 4,102-Unit Multifamily In Jacksonville For $648M
1701 San Pablo Road, Jacksonville, Florida 32224, United States
See Similar DealsMultiFamily3,892,798 SF
Sold 11/05/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$166
Total Square Footage:3,892,798 SF
Transaction Type:Sale
The multifamily property located at 1701 San Pablo Rd S in Jacksonville has been sold in a recent transaction. The property spans a total of 3,892,798 square feet and consists of 4,102 units. The sale price for this transaction was $648,000,000, resulting in a per unit price of $157,972 and a price per square foot of $166.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $648,000,000
- Units: 4,102
- Price per Unit: $157,972
- Total Square Footage: 3,892,798
- Price per Square Foot: $166
The buyer in this transaction is Eric Auslander, represented by Morgan Properties. The seller is Middle Street Partners, and Eastdil Secured acted as the broker for the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$34,560,000.00
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$2,302,207.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$3,071,850.59
Annual Debt Service$36,862,207.13
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