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Passco Cos. Acquires Multifamily Asset In Land O' Lakes For $76.4M

Property Image
SOLD
$76,400,000
Ryan Crowley
Pibu Aulakh
Andrew Visnick
+ 1

Florida

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MultiFamily693,142 SF
Sold 11/10/2020
the dealplayerscompscontact
Property Image
SOLD

Passco Cos. Acquires Multifamily Asset In Land O' Lakes For $76.4M

2300 Tapestry Park Drive, Land O' Lakes, FL, USA & 2300 Tapestry Park Drive, Land O' Lakes, FL, USA

See Similar Deals
MultiFamily693,142 SF
Sold 11/10/2020
Ryan Crowley
Pibu Aulakh
Andrew Visnick
+ 1
the dealplayerscompscontact
Contact now

Summary

FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$110
Total Square Footage:693,142 SF
Transaction Type:Sale

The multifamily property located at 2300 Tapestry Park Drive in Land O' Lakes has been sold for a total price of $76,400,000. The property consists of 341 units with an average price per unit of $224,047.

Summary of transaction details

  • Property Type: Multifamily
  • Transaction Amount: $76,400,000
  • Address: 2300 Tapestry Park Drive
  • Market: Land O' Lakes
  • Units: 341
  • Price per Unit (PPU): $224,047

The buyer of the property is Passco Cos. while the seller is Arlington Properties. The deal was facilitated by Patrick Dufour, Ryan Crowley, Andrew Visnick, and Pibu Aulakh from Newmark.

Players

Patrick Dufour
Newmark
Patrick Dufour
15 deals$1B volume
BROKER
Andrew Visnick
Newmark
Andrew Visnick
5 deals$318.3M volume
BROKER
Pibu Aulakh
Newmark
Pibu Aulakh
3 deals$182.4M volume
BROKER
Ryan Crowley
Newmark
Ryan Crowley
3 deals$182.4M volume
BROKER
PC
Passco Cos.
BUYER
Arlington Properties
Arlington Properties
SELLER

Details

SOLD
IMAGE: Patrick Dufour, Ryan Crowley, Andrew Visnick, & Pibu Aulakh DATE: 11/10/2020 ADDRESS: 2300 Tapestry Park Drive MARKET: Land O' Lakes ASSET TYPE: Multifamily PRICE: $76,400,000 UNITS: 341 ~ PPU: $224,047 BUYER: Passco Cos. SELLER: Arlington Properties BROKERS: Patrick Dufour, Ryan Crowley, Andrew Visnick, & Pibu Aulakh - Newmark

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

$4,074,666.67

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$271,433.06
Cash-on-Cash Return-1.27%
Monthly Debt Service$362,174.98
Annual Debt Service$4,346,099.73