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2750 U.S. 1, Fort Pierce, F...

Southport Financial Acquires Multifamily Property In Fort Pierce For $32.2M
SOLDMultiFamily

Southport Financial Acquires Multifamily Property In Fort Pierce For $32.2M

2750 U.S. 1, Fort Pierce, FL, USA

$32,200,000

$99/SF

Building Size

323,573 SF

Asset Type

MultiFamily

Closing

Mar 4, 2021

AI

Southport Financial has acquired a multifamily property located at 2750 US-1 in Fort Pierce. The property consists of 320 units and was sold by Code Capital Partners for a price of $32,200,000, corresponding to a unit price of $100,625. The transaction took place on March 5, 2021. Avery Jordan, Mark Savarese, Zach Ames, and Darron Kattan from Franklin Street represented both the buyer and the seller in the deal.

Summary of transaction details

The involvement of Avery Jordan, Mark Savarese, Zach Ames, and Darron Kattan from Franklin Street showcases the collaboration between these individuals in facilitating the transaction. The deal exemplifies their expertise in representing both the buyer and the seller, resulting in a successful sale of the multifamily property in Fort Pierce.

Players

Darron Kattan

Franklin Street

Broker

$376M

vol

15 deals

Broker

Fort Pierce MultiFamily Market Snapshot

Boundary boundary · MultiFamily · Sale transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.49%

Cash-on-Cash

-0.14%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93