Harbor Group International Acquires Multifamily Property In Miami Gardens For $113M
SOLD
$113,000,000
+ 3
Florida
See Similar DealsMultiFamily
Sold 03/01/2023
SOLD
Harbor Group International Acquires Multifamily Property In Miami Gardens For $113M
2301 Northwest 167th Street, Miami Gardens, Fl 33056, USA
See Similar DealsMultiFamily
Sold 03/01/2023
+ 3
Summary
FLORIDA
Asset Type:MultiFamily
Transaction Type:Sale
The multifamily property located at 2301 Northwest 167th Street in Miami Gardens has been sold for a total price of $113,000,000. The transaction took place on January 3, 2023. The property spans over 14 acres and consists of 420 units, resulting in a per unit price of $269,048. The sale was facilitated by brokers Robert Given and Troy Ballard from Cushman & Wakefield.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $113,000,000
- Address: 2301 Northwest 167th Street
- Market: Miami Gardens
- Acres: 14
- Units: 420
- Price Per Unit: $269,048
The buyer of the property was Harbor Group International, represented by Jordan Slone, T. Richard Litton Jr., and Yisroel Berg. On the other hand, the seller was Resia, represented by Ernesto Lopes. The transaction was successfully executed, thanks to the efforts of brokers Robert Given and Troy Ballard from Cushman & Wakefield.
Players
BROKERAGE
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$6,026,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$401,465.13
Cash-on-Cash Return-1.27%
Monthly Debt Service$535,677.65
Annual Debt Service$6,428,131.80
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