Redwood Dev Co Acquires MultiFamily Property In Miami For $30M
SOLD
$30,000,000
Florida
See Similar DealsMultiFamily135,000 SF
Sold 05/05/2023
SOLD
Redwood Dev Co Acquires MultiFamily Property In Miami For $30M
2403 NW 117th St Miami, FL 33167, USA
See Similar DealsMultiFamily135,000 SF
Sold 05/05/2023
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$222
Total Square Footage:135,000 SF
Transaction Type:Sale
The multi-family property located at 2403 NW 117 Lane in Miami has been sold in a closed transaction. The property consists of 75 units with a total square footage of 135,000. The sale price for this transaction was $30,000,000, resulting in an average price per unit of $400,000 and a price per square foot of $222.
Summary of transaction details:
- Property Type: MultiFamily
- Transaction Amount: $30,000,000
- Units: 75
- Price Per Unit: $400,000
- Square Footage: 135,000
- Price Per Square Foot: $222
- Address: 2403 NW 117 Lane, Miami
The buyer of this property is Redwood Dev Co, represented by David Burstyn and Brian A. Sidman. On the other hand, the seller is Lennar, with Stuart Miller representing their interests in the deal.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,600,000.01
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$106,583.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$142,215.31
Annual Debt Service$1,706,583.66
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