Air Communities Acquires Edgewater Multifamily For $211M
2150 North Bayshore Drive, Miami, Florida, United States
$211,000,000
Building Size
—
Asset Type
MultiFamily
Closing
Jun 7, 2022
AI
Located at 2150 North Bayshore Drive in Edgewater, this multifamily property spans over 2 acres. The transaction took place on 06/08/2022.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $211,000,000
- Address: 2150 North Bayshore Drive
- Market: Edgewater
- Size: 2 acres
Air Communities, represented by Terry Considine, acquired the property from Mill Creek Residential, represented by William MacDonald. The sale included 296 units, resulting in a purchase price per unit of $712,838.
Players
Miami 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
0.08%
Cash-on-Cash
-0.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93