Updated Oct 28, 2024
Passco Cos. Acquires Multifamily Property In Lutz For $90.4M
18065 Promenade Park Ln, Lutz, FL, USA
$90,400,000
$256/SF
Building Size
352,771 SF
Asset Type
MultiFamily
Closing
Jun 9, 2020
About this deal
AI
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.
On the Map
$90,400,000
$256/SF
MultiFamily
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Players
Lutz MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93