Bascom Group, East Hill Capital Partners, And Leste Group Acquire Multifamily Asset In Lauderhill For $79.3M
SOLD
$79,300,000
Florida
See Similar DealsMultiFamily26,074 SF
Sold 08/23/2020
SOLD
Bascom Group, East Hill Capital Partners, And Leste Group Acquire Multifamily Asset In Lauderhill For $79.3M
2360 Northwest 56th Avenue, Lauderhill, FL, USA
See Similar DealsMultiFamily26,074 SF
Sold 08/23/2020
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$3,041
Total Square Footage:26,074 SF
Transaction Type:Sale
Located at 2360 Northwest 56th Avenue in Lauderhill, this multifamily property was recently sold in a closed transaction. The sale took place on 08/23/2021.
Summary of transation details
- Property Type: Multifamily
- Sale Price: $79,300,000
- Units: 405
- Price Per Unit: $195,802
- Acres: 26
- Price Per Acre: $3,050,000
- Seller: Bar Invest Group
The buyer in this transaction was Bascom Group, represented by Derek Chen, David Kim, and Jerry Fink. They were joined by East Hill Capital Partners and Leste Group. Stuart Wernick and Andrew Garrison from Walker & Dunlop served as the mortgage brokers for the deal.
This sale is a significant transaction in the Lauderhill market, highlighting the demand for multifamily assets in the area. The property, with its 405 units spread across 26 acres, attracted the attention of multiple parties. Bascom Group, along with their partners, saw the value in this investment opportunity and successfully concluded the purchase from Bar Invest Group.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$4,229,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$281,736.16
Cash-on-Cash Return-1.27%
Monthly Debt Service$375,922.46
Annual Debt Service$4,511,069.48
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