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2200 Cedar Trace Cir Tampa,...

Updated Oct 29, 2024

Westmount Square Capital And Miramar Capital Acquire Multifamily Portfolio In Tampa For $26.76M
SOLDMultiFamily

Westmount Square Capital And Miramar Capital Acquire Multifamily Portfolio In Tampa For $26.76M

2200 Cedar Trace Cir Tampa, Fl 33613, Usa

$26,760,000

Units

306

Asset Type

MultiFamily

Closing

Jul 20, 2023

About this deal

AI

The sale involves the purchase of two garden-style apartment complexes in Tampa by Westmount Square Capital and Miramar Capital for a combined sales price of $26.76 million. The portfolio consists of 306 units near the University of South Florida, presenting an opportunity for value-add in the workforce housing segment.

Summary of transaction details

Westmount Square Capital, along with Miramar Capital, seized the opportunity to acquire two garden-style apartment complexes in Tampa with a combined 306 units. The properties are strategically situated near the University of South Florida, offering potential for value appreciation in the workforce housing sector. Berkadia brokers, Jason Stanton and Cole Whitaker, facilitated the transaction between the buyer and seller, Asia Capital Real Estate. Allan Freedman from Berkadia served as the mortgage broker in the deal, ensuring a smooth financing process. The sale price of $26.76 million reflects the value of this multifamily investment opportunity in Tampa's real estate market.

On the Map

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$26,760,000

MultiFamily

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Players

Cole Whitaker

Berkadia

Broker

$888.2M

vol

17 deals

Broker
Miramar Capital
Miramar CapitalBuyer
Asia Capital Real Estate
Asia Capital Real EstateSeller
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Miami MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Deal FAQ

About $87.5K per unit across 306 units on a published $26.8M (2023).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.59%

Cash-on-Cash

-0.17%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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