Infinity BH LLC Acquires Multifamily Property In Clearwater For $57.5M
SOLD
$57,500,000
Florida
See Similar DealsMultiFamily34,844 SF
Sold 01/20/2021
SOLD
Infinity BH LLC Acquires Multifamily Property In Clearwater For $57.5M
2690 Drew Street, Clearwater, FL, USA
See Similar DealsMultiFamily34,844 SF
Sold 01/20/2021
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$1,650
Total Square Footage:34,844 SF
Transaction Type:Sale
In a recent transaction in Clearwater, a multifamily property located at 2690 Drew Street was sold for a staggering price of $57,500,000. The property consists of 456 units, with a per unit price of $126,096. The sale took place on January 20, 2021.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $57,500,000
- Address: 2690 Drew Street
- Market: Clearwater
- Buyer: Infinity BH LLC
- Seller: BH Equities
- Broker: Jason Stanton & Cole Whitaker - Berkadia
- Units: 456
- Price Per Unit: $126,096
The sale was facilitated by Jason Stanton & Cole Whitaker from Berkadia. Their expertise and negotiation skills played a crucial role in the successful completion of this high-value transaction.
Players
SELLER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$3,066,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$204,285.35
Cash-on-Cash Return-1.27%
Monthly Debt Service$272,579.34
Annual Debt Service$3,270,952.02
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