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Covenant Capital Group Acquires Port St. Lucie Multifamily For $41.5M

Property Image
SOLD
$41,550,000
Darron Kattan
KC

Florida

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MultiFamily1,214 SF
Sold 03/30/2021
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Property Image
SOLD

Covenant Capital Group Acquires Port St. Lucie Multifamily For $41.5M

1900 Southeast Hillmoor Drive, Port St. Lucie, FL, USA

See Similar Deals
MultiFamily1,214 SF
Sold 03/30/2021
Darron Kattan
KC
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$34,225
Total Square Footage:1,214 SF
Transaction Type:Sale

The multifamily asset located at 1900 SE Hillmoor Drive in Port St. Lucie has been sold for a price of $41,550,000. The property consists of 230 units, with an average price per unit of $180,652. The transaction took place on March 30, 2021.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $41,550,000
  • Date: 03/30/2021
  • Address: 1900 SE Hillmoor Drive
  • Market: Port St. Lucie
  • Buyer: Covenant Capital Group
  • Seller: Investors Management Group, Inc. - Karlin Conklin
  • Broker: Darron Kattan - Franklin Street
  • Units: 230
  • Price Per Unit: $180,652

The buyer of the property was Covenant Capital Group, while the seller was Investors Management Group, Inc., represented by Karlin Conklin. The transaction was facilitated by Darron Kattan of Franklin Street.

Players

Darron Kattan
Franklin Street
Darron Kattan
15 deals$376M volume
BROKER
CG
Covenant Capital Group
BUYER
KC
Karlin Conklin
3 deals$117.1M volume
SELLER

Details

SOLD
IMAGE: Darron Kattan & Karlin Conklin DATE: 03/30/2021 ADDRESS: 1900 SE Hillmoor Drive MARKET: Port St. Lucie ASSET TYPE: Multifamily BUYER: Covenant Capital Group SELLER: Investors Management Group, Inc. - Karlin Conklin BROKER: Darron Kattan - Franklin Street PRICE: $41,550,000 UNITS: 230 ~ PPU: $180,652

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

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Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$147,618.38
Cash-on-Cash Return-1.27%
Monthly Debt Service$196,968.20
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