Harbor Group International Acquires Multifamily Property In Miami For $50M
SOLD
$50,000,000
+ 1
Florida
See Similar DealsMultiFamily33,478 SF
Sold 04/13/2022
SOLD
Harbor Group International Acquires Multifamily Property In Miami For $50M
275 Fontainebleau Boulevard, Miami, Florida 33172, United States
See Similar DealsMultiFamily33,478 SF
Sold 04/13/2022
+ 1
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$1,493
Total Square Footage:33,478 SF
Transaction Type:Sale
The multifamily property located at 275 Fontainebleau Blvd. in Miami, FL, was recently sold for $50,000,000. The property consists of 133 units with an average price per unit of $375,940. The total square footage of the property is 103,035, with a price per square foot of $485. The sale was completed on 04/13/2022.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $50,000,000
- Units: 133
- Price per Unit: $375,940
- Square Footage: 103,035
- Price per Square Foot: $485
- Date: 04/13/2022
- Address: 275 Fontainebleau Blvd.
- Market: Miami, FL
The buyer in this transaction was Harbor Group International, represented by Jordan Slone and Richard Litton. The seller was Gomez Development, represented by Marlon Gomez. The deal was facilitated by Steven Vegh of Westwood Realty Associates.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$2,666,666.66
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$177,639.45
Cash-on-Cash Return-1.27%
Monthly Debt Service$237,025.51
Annual Debt Service$2,844,306.11
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