Westdale Acquires 338-Unit Multifamily Property In West Miami For $97M
SOLD
$97,000,000
Florida
See Similar DealsMultiFamily423,104 SF
Sold 04/15/2021
SOLD
Westdale Acquires 338-Unit Multifamily Property In West Miami For $97M
2201 Ludlam Rd, West Miami, FL, USA
See Similar DealsMultiFamily423,104 SF
Sold 04/15/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$229
Total Square Footage:423,104 SF
Transaction Type:Sale
The property asset involved in the transaction is a multifamily unit located at 2201 Ludlum Rd in West Miami. The sale was completed on April 15, 2021, for a transaction amount of $97,000,000, encompassing a total of 338 units, which translates to a price per unit of $286,982.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $97,000,000
- Address: 2201 Ludlum Rd
- Market: West Miami
- Units: 338
- Price Per Unit: $286,982
- Buyer: Westdale
- Seller: The Estate Company
- Broker Representatives: Neyda Bravo & Luis Gonzalez - ravoandPartners Realty
This transaction was facilitated by brokers Neyda Bravo and Luis Gonzalez, representing ravoandPartners Realty in the deal. Their involvement highlights the key roles played by real estate professionals in facilitating such significant property transactions.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,173,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$344,620.53
Cash-on-Cash Return-1.27%
Monthly Debt Service$459,829.49
Annual Debt Service$5,517,953.85
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