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1900 55th Ave S, St. Peters...

Axonic Properties Acquires Multifamily Asset In St. Petersburg For $56M
SOLDMultiFamily

Axonic Properties Acquires Multifamily Asset In St. Petersburg For $56M

1900 55th Ave S, St. Petersburg, FL, USA

$56,000,000

$98/SF

Building Size

569,924 SF

Asset Type

MultiFamily

Closing

Jun 24, 2020

AI

A multifamily property located at 1900 55th Ave. S. in St. Petersburg has been sold for a total price of $56,000,000. The property consists of 517 units with a total square footage of 569,924, resulting in a price per square foot of $98. The buyer, Axonic Properties, acquired the property from the seller, BH Equities. The transaction was facilitated by brokers Darron Kattan, Zach Ames, Avery Jordan, and Mark Savarese.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $56,000,000
  • Address: 1900 55th Ave. S., St. Petersburg
  • Market: St. Petersburg

The deal involved several key individuals and companies. Jonathan Shechtman, Zach Ames, Darron Kattan, Avery Jordan, Mark Savarese, and Brian Kennedy were involved in the transaction in various roles, representing the buyer and seller. Axonic Properties acted as the buyer, while BH Equities served as the seller. The brokers, Darron Kattan, Zach Ames, Avery Jordan, and Mark Savarese, played a crucial role in facilitating the sale of the property.

Players

Darron Kattan

Franklin Street

Broker

$376M

vol

15 deals

Broker
Axonic Properties
Axonic PropertiesBuyer

Saint Petersburg 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

0.28%

Cash-on-Cash

-0.08%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93