Respark Residential Acquires Greystone Property At 2500 Biscayne Blvd Miami For $67M
SOLD
$67,000,000
Florida
See Similar DealsMultiFamily337,120 SF
Sold 12/03/2021
SOLD
Respark Residential Acquires Greystone Property At 2500 Biscayne Blvd Miami For $67M
2500 Biscayne BLVD, Miami, FL, 33137
See Similar DealsMultiFamily337,120 SF
Sold 12/03/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$198
Total Square Footage:337,120 SF
Transaction Type:Sale
The property asset involved in this transaction is located at 2500 Biscayne Blvd, Miami, FL, 33137. The sale price for the property was $67,000,000.00, with a total square footage of 337,120. This property is situated in the Miami market.
Summary of transaction details:
- Property Type: Closed Transaction
- Transaction Amount: $67,000,000.00
- Address: 2500 Biscayne Blvd, Miami, FL, 33137
- Market: Miami
- Seller: Greystone
- Buyer: Respark Residential
- Seller's Representative: Jose Mota & Jaret Turkell - Berkadia
This deal was facilitated by the representatives from Berkadia, specifically Jose Mota and Jaret Turkell, who represented the seller, Greystone. The buyer, Respark Residential, acquired the property as part of their investment portfolio strategy.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,573,333.32
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$238,036.86
Cash-on-Cash Return-1.27%
Monthly Debt Service$317,614.18
Annual Debt Service$3,811,370.18
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