Passco Cos. Acquires Multifamily Property In Lutz For $90.4M
SOLD
Florida
See Similar DealsMultiFamily352,771 SF
Sold 06/09/2020
SOLD
Passco Cos. Acquires Multifamily Property In Lutz For $90.4M
18065 Promenade Park Ln, Lutz, FL, USA
See Similar DealsMultiFamily352,771 SF
Sold 06/09/2020
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$256
Total Square Footage:352,771 SF
Transaction Type:Sale
The multifamily property located at 18065 Promenade Park Ln in Lutz has been sold for a total price of $90,400,000. The sale was completed on June 9, 2021. The property consists of 338 units, resulting in a price per unit of $267,456. The transaction was between Passco Cos., represented by William O. Passo and Larry Sullivan, and Altman Cos., represented by Joel Altman.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $90,400,000
- Units: 338
- Price per Unit (PPU): $267,456
- Date: June 9, 2021
- Address: 18065 Promenade Park Ln, Lutz
Passco Cos., led by William O. Passo and Larry Sullivan, acquired the property from Altman Cos., represented by Joel Altman. This transaction demonstrates the continued activity and demand in the multifamily market in Lutz.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,821,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$321,172.12
Cash-on-Cash Return-1.27%
Monthly Debt Service$428,542.12
Annual Debt Service$5,142,505.44
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