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Pantzer Properties Acquires Multifamily Property In Coral Gables For $97.5M
SOLD
$97,500,000
Florida
See Similar DealsMultiFamily407,265 SF
Sold 05/09/2023
SOLD
Pantzer Properties Acquires Multifamily Property In Coral Gables For $97.5M
2263 SW 37th Ave Miami, FL 33145
See Similar DealsMultiFamily407,265 SF
Sold 05/09/2023
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$239
Total Square Footage:407,265 SF
Transaction Type:Sale
The multifamily property located at 2263 Southwest 37th Avenue in Coral Gables has been sold in a closed transaction. The property spans over 1.59 acres and includes 237 units. It has a total square footage of 407,265, with an average price per square foot of $239. The sale price for this transaction was $97,500,000, resulting in an average price per unit of $411,392.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $97,500,000
- Market: Coral Gables
- Address: 2263 Southwest 37th Avenue
- Acres: 1.59
- Units: 237
- Square Footage: 407,265
- Price per Square Foot: $239
Pantzer Properties, represented by Jason Pantzer, acted as the buyer in this transaction. The seller was Wafre Inc. The lender involved in this deal was JLL Real Estate Capital.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$5,200,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$346,396.90
Cash-on-Cash Return-1.27%
Monthly Debt Service$462,199.74
Annual Debt Service$5,546,396.91
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